{"id":24294,"date":"2023-06-18T14:55:13","date_gmt":"2023-06-18T18:55:13","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/svb-financial-reaches-deal-to-sell-its-investment-banking-unit\/"},"modified":"2023-06-18T14:55:14","modified_gmt":"2023-06-18T18:55:14","slug":"svb-financial-reaches-deal-to-sell-its-investment-banking-unit","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=24294","title":{"rendered":"SVB Financial reaches deal to sell its investment banking unit"},"content":{"rendered":"
\n

SVB Financial Group said Sunday it has reached an agreement to sell its investment banking division to a group led by the unit\u2019s chief executive, Jeff Leerink, and backed by The Baupost Group.<\/p>\n

In a statement Sunday, SVB Financial said Leerick\u2019s group was the top bidder for SVB Securities. A price was not disclosed. SVB Securities will be rebranded and continue to focus on healthcare-industry investments.<\/p>\n

\n

\u201cThe management team and I are excited to return to our heritage of owning and leading the premier healthcare investment bank and relaunching the business under the trusted Leerink Partners brand,\u201d Leerink said in a statement. \u201cOur firm has been a strategic advisor to our corporate and investor clients for almost three decades and this transaction allows us to continue to provide our healthcare clients with the highest quality advice and execution services they have come to expect for their M&A, capital raising, and investment needs.\u201d<\/p>\n

Also see: <\/strong>Regional banks have an uphill climb to rebuild and retain customers\u2019 trust<\/p>\n

The Federal Deposit Insurance Corporation took over Silicon Valley Bank after it collapsed in March, and First Citizens BancShares Inc.
\n FCNCA,
\n -1.21%<\/bg-quote>
\n bought its loans and deposits.<\/p>\n

The management buyout announced Sunday is subject to approval from U.S. bankruptcy court and other closing conditions.<\/p>\n

More: <\/strong>Goldman Sachs\u2019s stock pares gains on report of SEC probe into purchase of securities from Silicon Valley Bank<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

SVB Financial Group said Sunday it has reached an agreement to sell its investment banking division to a group led by the unit\u2019s chief executive, Jeff Leerink, and backed by The Baupost Group. In a statement Sunday, SVB Financial said Leerick\u2019s group was the top bidder for SVB Securities. A price was not disclosed. SVB […]<\/p>\n","protected":false},"author":1,"featured_media":24295,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-24294","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nSVB Financial reaches deal to sell its investment banking unit | iFintechWorld<\/title>\n<meta name=\"description\" content=\"SVB Financial Group said Sunday it has reached an agreement to sell its investment banking division to a group led by the unit\u2019s chief executive, Jeff\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=24294\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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