First Citizens BancShares, Inc. (NasdaqGS:FCNC.A) entered into a definitive purchase agreement to acquire Svb Global Services India LLP from SVB Financial Group (OTCPK:SIVB.Q).

First Citizens BancShares, Inc. (NasdaqGS:FCNC.A) entered into a definitive purchase agreement to acquire Svb Global Services India LLP from SVB Financial Group (OTCPK:SIVB.Q) on March 18, 2024. The agreement is subject to final approval of the Bankruptcy Court and regulatory approval in India, as well as other customary closing conditions. A hearing to seek required Bankruptcy Court approval is scheduled for April 9, 2024, and the transaction is expected to close shortly thereafter.

As on April 10, 2024 the bankruptcy court approved the deal. Huzefa Tavawalla Chandrashekar K Vasavi Kaparthi Ipsita Agarwalla Rakesh Krishnan Faiza Khanum Nipasha Mahanta of Nishith Desai Associates and Sullivan & Cromwell LLP acted as legal advisor to SVB Financial Group on the transaction. Ramesh Vaidyanathan, Laxmi Joshi, Amit Baid, Arjun Paleri, Sheel G, Suyash Sarvankar, Anshay Chopra and Harinie S of BTG Advaya acted as legal advisor to First Citizens BancShares, Inc. on the transaction.

TriLegal Partners led by Komal Dani, Nikhil Narendran, Mridul Kumbalath acted as legal advisor to First Citizens BancShares, Inc for the acquisition.