CVS Health Signals Strong 2026 Profit Outlook Amid Turnaround Progress 
S&P 500 Slides as AI Chip Stocks Tumble, Cooling Tech Rally 
Oil Prices Rebound in Asia as Venezuela Sanctions Risks Offset Ukraine Peace Hopes 
EssilorLuxottica Bets on AI-Powered Smart Glasses as Competition Intensifies 
Gold Prices Hold Firm as Markets Await Fed Rate Cut; Silver Surges to Record High 
ADB Approves $400 Million Loan to Boost Ease of Doing Business in the Philippines 
China Adds Domestic AI Chips to Government Procurement List as U.S. Considers Easing Nvidia Export Curbs 
Air Transat Reaches Tentative Agreement With Pilots, Avoids Strike and Restores Normal Operations 
Westpac Director Peter Nash Avoids Major Investor Backlash Amid ASX Scrutiny 
JD.com Pledges 22 Billion Yuan Housing Support for Couriers as China’s Instant Retail Competition Heats Up 
Hong Kong Cuts Base Rate as HKMA Follows U.S. Federal Reserve Move 
Mizuho Raises Broadcom Price Target to $450 on Surging AI Chip Demand 
Ireland Limits Planned Trade Ban on Israeli Settlements to Goods Only 
Indonesia–U.S. Tariff Talks Near Completion as Both Sides Push for Year-End Deal 
Asian Stocks Slip as Oracle Earnings Miss Sparks AI Profitability Concerns 
SoftBank Shares Slide as Oracle’s AI Spending Plans Fuel Market Jitters 
Microsoft Unveils Massive Global AI Investments, Prioritizing India’s Rapidly Growing Digital Market 
SVB Financial Group announces the sale of its SVB Securities investment banking arm to its own management team, led by CEO Jeff Leerink. The deal is backed by The Baupost Group following SVB's bankruptcy filing in March.
SVB Financial Group confirmed the acquisition deal on Sunday, June 18. It announced that it has entered into an agreement with the management of SVB Securities for the sale. The buyer team is being spearheaded by Leerink and with funding support from The Baupost Group.
According to Reuters, Leerink is currently the chief executive officer of SVB Securities, and his group turned out to be the winning bidder for the buyout of SVB Financial's investment banking division. Under the agreement, the buyer will pay in a combination of three methods, including cash, repayment of an intercompany note, and a five percent equity instrument.
It was noted that the buyout agreement comes after the Federal Deposit Insurance Corporation (FDIC) took charge of the bankrupt Silicon Valley Bank three months ago as depositors rushed to withdraw their money. The effects of SVB's downfall were felt around the world, with smaller banks getting hit by the unfolding events.
"The management team and I are excited to return to our heritage of owning and leading the premier healthcare investment bank and relaunching the business under the trusted Leerink Partners brand," SVB Securities' chairman and CEO, Jeff Leerink, said in a press release. "Our firm has been a strategic advisor to our corporate and investor clients for almost three decades and this transaction allows us to continue to provide our healthcare clients with the highest quality advice and execution services they have come to expect for their M&A, capital raising, and investment needs."
He added, "I would like to thank our entire team for its incredible efforts over many years and particularly over the last few months. I also want to thank our valued clients for their continued loyalty and support."
Photo by: Mariia Shalabaieva/Unsplash
