Boston Private Financial Holdings, the parent company of Boston Private Bank, has been acquired by SVB Financial Group for $900 million as part of a merger deal.
Boston Private, which has a location in Los Altos, and Santa Clara-based SVB – the parent company of Silicon Valley Bank – would have combined assets of $17.7 billion.
In a press release issued last week, SVB officials said the deal would accelerate the bank’s private bank and wealth management offerings and strengthen its overall platform.
“Together, SVB and Boston Private will be well positioned to grow and scale our business, leveraging SVB’s deep client relationships and broad reach across the innovation economy to capture a greater share of the wealth management market,” Boston Private CEO Anthony DeChellis said in the release. “We look forward to working together to support our clients as they pursue the goals they have for their businesses, families and legacies.”
The deal is expected to close in mid-2021.