SVB Financial Group, the parent of Silicon Valley Bank, has agreed to buy Boston Private Financial Holdings, Inc., the parent company of Boston Private Bank & Trust Company for around $900 million.
“Our clients rely on us to help increase the probability of their success – both in their business and personal lives,” says SVB president and CEO Greg Becker. “Boston Private’s experienced and well-regarded team, robust service offering, and advanced technology platform will significantly bolster our private bank and wealth management capabilities and enhance our ability to offer products and services tailored to the needs of founders, executives and investors.”
Goldman Sachs & Co. LLC is acting as financial advisor to SVB in the transaction. Sullivan & Cromwell LLP is serving as legal counsel to SVB. Morgan Stanley & Co. LLC is acting as financial advisor to Boston Private and Wachtell, Lipton, Rosen & Katz is serving as legal counsel.