Silicon Valley Bank Wine Division up for sale.

Silicon Valley Bank (SVB), that was taken over by the US federal government on the 10th March, is hoping to sell its wine business worth $1.2 billion in loans.

SVB’s wine division currently employs 35 staff and has loaned $4 billion to the wine industry since 1994 according to Rob McMillan, the former executive vice president and founder of the Premium Wine Division.

McMillan was also the author for the bank’s annual State of the Industry Report, which he is hoping can be sold as an ongoing asset, despite claiming it cost $100,000 to produce.