Silicon Valley Bridge Bank (SVB) has been granted permission to conduct its lending business through its SVB Germany branch, German financial regulator BaFin said on Monday.
SVB had transferred its equity, receivables and liabilities to the bridge bank after its closure by California banking regulators earlier this month, and subsequently applied for permission from BaFin to open for clients.
BaFin had imposed a moratorium on the German branch of SVB in the wake of the U.S. lender's demise and noted the branch had "no systemic relevance". SVB Germany worked with German companies such as HelloFresh and Lilium . Its total assets stood at 789.2 million euros ($846.26 million) at the end of 2022, according to BaFin.
SVB Financial filed for bankruptcy protection on Friday,
about a week after Silicon Valley Bank was shut down in the
largest U.S. bank failure since the 2008 financial crisis.
($1 = 0.9326 euros)
(Reporting by Marta Orosz, Writing by Friederike Heine, Editing
by Paul Simao)
