SVB scrambles for options after stock sale failed-sources
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FILE PHOTO: SVB (Silicon Valley Bank) logo and decreasing stock graph are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
NEW YORK (Reuters) - SVB Financial Group Inc is urgently exploring all available options, including a sale of the technology-focused bank, after its bid to raise money through a stock sale failed in the wake of some of its clients withdrawing deposits, according to people familiar with the matter.
SVB is talking to other financial institutions and working with advisers as it reviews how it can secure funding, one of the sources said.
The sources requested anonymity because the matter is confidential. SVB did not immediately respond to a request for comment.
(Reporting by David French and Echo Wang in New York)
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