SVB collapse: US lender's parent firm files for bankruptcy protection

Nearly a week after its collapse, the parent firm of the US lender Silicon Valley Bank has filed for bankruptcy protection to seek buyers for its assests.

The move comes as an emergency measure after the US authorities seized the bank's assets following a run on deposits earlier this month.

The parent of Silicon Valley Bank, seized last week by the US, is filing for Chapter 11 bankruptcy protection.

SVB Financial Group, along with its CEO and its chief financial officer, were targeted this week in a class action lawsuit that claims the company didn't disclose the risks that future interest rate increases would have on its business.

SVB Financial Group is no longer affiliated with Silicon Valley Bank after its seizure by the Federal Deposit Insurance Corp.

The bank's successor, Silicon Valley Bridge Bank, is being run under the jurisdiction of the FDIC and is not included in the Chapter 11 filing.

SVB Financial Group believes it has approximately USD 2.2 billion of liquidity.