SVB Financial Group filed a motion in the US Bankruptcy Court for the sale of its interest in its subsidiary on March 19, 2024. The debtor seeks the Court?s approval for the sale of its subsidiary to First Citizens Global I, Inc.(98.12%) and First Citizens Global II, Inc.(1.88%), the stalking horse bidder, for a purchase price of $21.8 million in cash. The debtor?s assets include SVB India.

The sale hearing is scheduled for April 9, 2024. The proceeds from the sale would be used to pay off the amount owed to the debtor?s pre-petition lender.