https://www.reuters.com/business/finance/goldman-sachs-bought-svbs-bond-portfolio-lender-says-2023-03-14/

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1 minute readMarch 14, 202310:28 PM UTCLast Updated ago

Goldman Sachs bought SVB's bond portfolio, lender says

Reuters
The logo for Goldman Sachs is seen on the trading floor at the New
York Stock Exchange (NYSE) in New York City
The logo for Goldman Sachs is seen on the trading floor at the New
York Stock Exchange (NYSE) in New York City, New York, U.S., November
17, 2021. REUTERS/Andrew Kelly/File Photo

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March 14 (Reuters) - Troubled lender SVB Financial Group (SIVB.O)
said on Tuesday Goldman Sachs Group Inc (GS.N) had bought its bond
portfolio before federal regulators took the bank into receivership.

The portfolio, consisting mostly of U.S. Treasuries, had a book value
of $23.97 billion and its sale fetched proceeds of $21.45 billion for
SVB, it said.

The bank had launched a share sale to shore up its balance sheet
after being hit by a $1.8 billion loss on the sale of the portfolio.

That dampened confidence among investors and depositors, spurring a
bank run that ultimately led to the unraveling of SVB.

Reporting by Niket Nishant in Bengaluru; Editing by Devika Syamnath

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