SVB Canada’s sale and solicitation process begins

By Sarah Lizee

Olympia, Wash., May 4 – Silicon Valley Bank’s Canadian business (SVB Canada) is undergoing a sale and solicitation process for all or some of its assets, business and operations as a going concern or otherwise, according to a Thursday press release from court-appointed liquidator PricewaterhouseCoopers Inc.

Interested parties will be required to sign a confidentiality agreement.

The deadline for the submission of non-binding expressions of interest is 5 p.m. ET on May 29.

As previously reported, Santa Clara, Calif.-based SVB Financial Group filed Chapter 11 bankruptcy on March 17 under case number 23-10367 after its banking subsidiary, Silicon Valley Bank, was taken over by the Federal Deposit Insurance Corp.

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