Troubled lender SVB Financial Group said on Tuesday Goldman Sachs Group Inc 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.
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