SVB Financial Pulls Capital Raise, Explores Alternatives Including Possible Sale
- Date: 10-Mar-2023
- Source: The Wall Street Journal
- Sector:Financial Markets
- Country:Saudi Arabia
SVB Financial Pulls Capital Raise, Explores Alternatives Including Possible Sale
Shares of SVB Financial, parent of Silicon Valley Bank, have declined sharply. Photo: David Paul Morris/Bloomberg News
By
Corrie Driebusch
,
Rachel Louise Ensign
and
Dana CimillucaMarch 10, 2023 10:39 am ETSVB Financial Group is seeking a buyer after the beleaguered Silicon Valley lender scrapped a plan to shore up its finances through a capital raise, according to people familiar with the matter.
Facing widespread customer withdrawals that have raised questions about its ability to stay in business, the bank’s shares have declined sharply since Thursday, falling as much as 68% in premarket trading before the stock was halted.
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