The collapse of Silicon Valley Bank this week has stunned the financial world and the tech industry, a sector in which the bank was heavily invested. But there’s been little mention in consumer news about the bank’s other area of interest: the wine industry.
It’s been the buzz in the wine trade press, of course, but outside that niche, SVB’s wine business has gotten little notice. Though a relatively small portion of the bank’s portfolio—only about 2.5%—it was a significant lender to winery owners. The Wall Street Journal reported last week that SVB’s wine division included about 400 customers and over the last 30 years had lent more than $4 billion to the sector.
Read the article by Forbes here.