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Silicon Valley Bank's Parent Company Files for Bankruptcy

Silicon Valley Bank's parent company SVB Financial Group (SIVB) has filed for Chapter 11 bankruptcy protection.

The company said on Friday it had filed for court-supervised reorganization in the United States Bankruptcy Court for the Southern District of New York to preserve value.

SVB Financial stressed that it is no longer affiliated with Silicon Valley Bank, which collapsed last week sending shockwaves through the banking world.

(By Jamie Crawley)

Silicon Valley Bank bankruptcy Banking Crisis
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