On Sunday, SVB Financial company announced that it had reached a deal to sell its investment banking unit, SVB Securities, to a company headed by Jeff Leerink and supported by money under the control of The Baupost Group.

According to the company, the bidder group led by Leerink, the chief executive of SVB Securities, will pay cash, the repayment of an intercompany note, and a 5% equity instrument to purchase the investment banking business.

The company’s research division, MoffettNathanson LLC, was excluded from the sale, the bankrupt lender claimed, adding that it will still be a part of the business.

The agreement comes after the Federal Deposit Insurance Corporation (FDIC) assumed control of Silicon Valley Bank in March following a bank run that caused depositors to rush to withdraw their money, wiping out more than half the market value of several regional lenders in the United States and sparking the worst banking crisis since 2008.

In March, First Citizens BancShares Inc. purchased all of the bankrupt bank’s loans and deposits, leaving the FDIC with almost $90 billion in securities that could be sold.

The lender said it was still assessing strategic options for its SVB Capital subsidiary as well as the rest of the company’s assets and interests.

The March SVB crisis had repercussions all around the world, driving American depositors away from tiny banks and towards their larger relatives while driving Credit Suisse into the arms of rival UBS.

(Adapted from MoneyControl.com)