large scale image
LCP Image

Back to TSCFM News

SVB Financial to sell its I-Banking businesses to management team

June 19, 2023

SVB Financial to sell its I-Banking businesses to management team
SVB Financial Group agreed to sell SVB Securities, its investment banking business, to the management team bidder group led by SVB Securities Chief Executive Officer Jeff Leerink.

The group will acquire SVB Securities for a combination of cash, repayment of an intercompany note, assumption of certain liabilities and a 5% equity instrument in the buyer entity SVB Financial Group said in a statement on Sunday.
 
The securities branch will then be rebranded as Leerink Partners. Further terms weren’t disclosed.
 
The deal is backed by funds managed by The Baupost Group. MoffettNathanson will remain part of SVB Financial Group, as it is not included in the transaction.
 
“The management team and I are excited to return to our heritage of owning and leading the premier health-care investment bank and relaunching the business under the trusted Leerink Partners brand,” Leerink said in a statement.
 
SVB Securities management was in talks to buy back the investment bank from bankrupt SVB Financial Group, Bloomberg reported on June 1.
Important Links:

Recommended for you ...

Modi, Mauritius, and Sri Lanka Leaders Unveil Digital Payment Services
Modi, Mauritius, and Sri Lanka Leaders Unveil Digital Payment Services

February 12, 2024

Public Sector Banks Surpassing Private Peers, Investors Reconsidering Choices
Public Sector Banks Surpassing Private Peers, Investors Reconsidering Choices

February 12, 2024

Indian Banks Seek RBI Permission for Global Bond Trading Ahead of Inclusion in Indices
Indian Banks Seek RBI Permission for Global Bond Trading Ahead of Inclusion in Indices

February 12, 2024

Enquire Now
REQUEST A CALLBACK
Chat on WhatsApp