( MENAFN ) SVB Financial, the former parent of Silicon Valley Bank, announced on Friday that it has filed for bankruptcy. The move comes a week after regulators shut down Silicon Valley Bank following a run on the financial institution that led to its insolvency. In a statement, SVB Financial revealed that it is no longer affiliated with Silicon Valley Bank or its private banking and wealth management unit, SVB Private, due to its takeover by the Federal Deposit Insurance Corporation. However, it clarified that Silicon Valley Bank is not included in the Chapter 11 filing. The bankruptcy filing also excludes SVB Securities and SVB Capital's funds, as well as its general partner entities, according to the statement. Despite the filing, the parent company stated that it is still looking for "strategic alternatives" for those divisions, which continue to operate and serve customers.