SVB Financial looking to sell itself after capital hike fails - CNBC

By Geoffrey Smith

Investing.com -- SVB Financial Group (NASDAQ: SIVB) is looking for a buyer, after efforts to raise capital to fill the hole in its balance sheet failed, CNBC reported on Friday, citing people familiar with the matter.

SVB, also known as Silicon Valley Bank, had announced on Thursday it would seek an emergency cash injection of $2.25 billion to cover a $1.8B loss on the firesale of its bond portfolio. Its shares had lost over 60% on the news and fell another 62% in premarket trading on Friday.

SVB, with assets of $212B, would be by far the biggest U.S. bank to fail since the financial crisis a decade ago if it can't find a buyer.

CNBC said that large financial institutions were looking at a possible acquisition, but gave no additional detail.

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