The US Bankruptcy Court gave an order approving the sale of interest in subsidiary of SVB Financial Group on April 10, 2024. The debtor has been authorized to sell its 98.12% of the issued and outstanding limited liability partnership interests of non-debtor SVB Global Services India LLP to First Citizens Global I, Inc. and 1.88% of the issued and outstanding limited liability partnership interests of SVB India to First Citizens Global II, Inc., for purchase price consisting of $0.43 million in cash plus an amount in cash equal to $21.37 million minus an amount up to $8.94 million for any amounts outstanding owed by the debtor and its affiliates to first-citizens and its affiliates contemplated by that certain invoice attached to the purchase agreement as schedule 2.2(d), $3 million of which is to be placed in escrow in accordance with the purchase agreement. The debtor?s assets include issued and outstanding capital of SVB Global Services India LLP.

The buyer, First Citizens Global I, Inc., is represented by Gerald F. Roach of Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, L.L.P. as its legal advisor.