SVB parent files for bankruptcy protection after bank collapse

The parent company of Silicon Valley Bank, the lender taken over by US regulators last week, has filed for Chapter 11 bankruptcy in a federal court in New York.

The move by SVB Financial Group is an attempt to salvage value from two units — a broker-dealer and a technology investing business — that are separate from the main deposit-taking bank that failed last week, sending shockwaves around global financial markets.