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SVB Financial secures approval to sell SVB India subsidiary
By Sarah Lizee
Olympia, Wash., April 11 – SVB Financial Group received 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 an order filed Wednesday 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.
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