SVB Financial seeks approval to sell SVB India subsidiary

By Sarah Lizee

Olympia, Wash., March 20 – SVB Financial Group is seeking approval to sell its SVB Global Services India LLP (SVB India) subsidiary to First Citizens Global I, Inc. and First Citizens Global II, Inc., according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

The purchase price is $21.8 million in cash, subject to adjustments as of the closing date and a holdback of $2 million for indemnity escrow funds and $3 million for repatriation escrow funds.

The subsidiary to be sold was established in 2019 as an IT and operations services provider for SVB and its affiliates based in Bangalore.

The financial services and bank holding company is based in Santa Clara, Calif. The company filed bankruptcy on March 17, 2023 under Chapter 11 case number 23-10367.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.