Investment
SVB’s investment banking arm explores buying lender back, Bloomberg News reports
March 11 (Reuters) – The managers of Silicon Valley Bank’s (SIVB.O) investment banking arm, SVB Securities, are exploring ways to buy the collapsed lender back from its parent company, Bloomberg News reported on Saturday.
SVB Securities Chief Executive Officer Jeff Leerink and his team are seeking help to finance a potential management buyout of the business, the report said, citing people familiar with the matter.
Silicon Valley Bank and SVB Securities did not immediately respond to Reuters’ requests for comment.
There is no certainty that a deal will be reached and other potential buyers could also emerge for the unit, Bloomberg said.
On Friday, startup-focused lender SVB Financial Group became the largest bank to fail since the 2008 financial crisis.
California banking regulators closed the bank, which did business as Silicon Valley Bank, and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for the later disposition of its assets.
Earlier on Saturday, SVB Securities said its business operations would not be directly impacted by the FDIC taking control of its parent company. “SVB Securities is financially stable and will continue to operate as usual,” Leerink said in a statement.
SVB Financial Group is working with an investment bank and a law firm to find buyers for its other assets, which include SVB Securities, Reuters reported on Friday, adding that these assets could attract competitors and private equity firms.
Reporting by Kanjyik Ghosh and Mrinmay Dey in Bengaluru; editing by Grant McCool and Paul Simao
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Economy
S&P/TSX composite down more than 200 points, U.S. stock markets also fall
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
Economy
S&P/TSX composite up more than 150 points, U.S. stock markets also higher
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
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