Venture capitalists weigh ‘long-shot plan’ to preserve parts of SVB -FT

A police officer controls access to a branch of Silicon Valley Bank in Wellesley

(Reuters) – Venture capital firms are working on a “long-shot plan” to preserve parts of Silicon Valley Bank (SVB) in a move to keep servicing their clients in the technology sector, the Financial Times reported on Monday citing people briefed on the effort.

A group of several VC firms are in talks since late last week about how to enable SVB to continue lending to, investing in and advising companies and executives in the sector, the FT reported, adding General Catalyst, Andreessen Horowitz and Khosla Venture are among the firms involved in talks.

Forming a consortium with Apollo Global Management Inc that could bid for portions of SVB is one of the proposals being discussed, the newspaper quoted people as saying.

(Reporting by Anirudh Saligrama in Bengaluru; Editing by Chris Reese)