SVB Financial is close to reaching an agreement to sell its venture capital arm, the firm’s leading bidder from Scaramucci, the Wall Street Journal reports.

The SVB (Silicon Valley Bank) logo is shown in this illustration taken on March 10, 2023. REUTERS/Dado Rovik/Illustration Obtaining licensing rights

September 15 (Reuters) – SVP Financial Group (SIVBQ.PK) is nearing an agreement to sell its venture capital and credit investment business SVP Capital in order to avoid bankruptcy, the Wall Street Journal reported on Friday, citing sources familiar with the matter. Subject.

The report added that Anthony Scaramucci’s SkyBridge Capital and Atlas Merchant Capital duo, as well as San Francisco private equity firm Vector Capital, are the front-runners in the bidding process for SVB Capital.

SVB Financial did not immediately respond to Reuters’ request for comment.

The bankrupt group said in June it was still looking for strategic alternatives to SVB Capital, days after the company agreed to sell its investment banking division, SVB Securities, to a group led by the sector’s chief executive.

SVB Financial collapsed into bankruptcy after the failure of the former Silicon Valley Bank in March led to the worst US banking crisis in 15 years.

Reporting by Pritam Biswas in Bengaluru; Edited by Devika Simnath

Our standards: Thomson Reuters Trust Principles.

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