SVB Financial Group mulls strategic alternatives

Defunct startup-focused lender SVB Financial Group said on Monday that it was planning to explore strategic alternatives for its businesses, including the holding company, SVB Capital and SVB Securities.

The move comes after Californian regulators shuttered the bank following a failed share sale that drained $42 billion in deposits in a single day and sucked out liquidity at the company. Its board has appointed a restructuring committee consisting of five independent directors, it said in a statement.