SVB exploring sale as crisis triggers global banking rout

Published by
Reuters UK

By David French, Echo Wang and Alun John (Reuters) -SVB Financial Group is exploring options, including a sale, after its efforts to raise capital through a stock sale failed, sources familiar with the matter said on Friday, as a crisis at the tech-heavy lender rippled through global markets and hit banking stocks. Shares of SVB were halted on Friday after tumbling as much as 66% in premarket trading. SVB, which does business as Silicon Valley Bank, was not immediately available for comment. “SVB is undergoing a series of conversations that have not been concluded yet to determine next steps f…

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