SVB Financial files for bankruptcy protection to reorganize

Funds from SVB Securities and SVB Capital and general partner entities are not included in the Chapter 11 filing, the company said on Friday.

Reuters reported on Wednesday that the parent company was considering filing for bankruptcy protection to sell assets.

California banking regulators shut down SVB on Friday and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for the further disposition of its assets.

The collapse of SVB, the biggest failure of a US bank since Washington Mutual during the 2008 financial crisis, has hit bank shares and sparked concerns of contagion through global markets.