Daily Wine News: SVB Wine Now

What ended up happening to Silicon Valley Bank’s Wine Division? Rob McMillan shares some updates. “After a month under new ownership, I can confirm we did end up with the best possible outcome. We weren’t purchased by a behemoth bank. The bank was left intact and not split up. There is no cross-over in business segments, and our new benefactor First Citizens Bank is running Silicon Valley Bank as a division of First Citizens…I’m sure it’s unprecedented in these types of circumstances, but the Wine Division of Silicon Valley Bank has retained 100% of our employees, as well as all of our borrowing clients. In fact, we’ve added a half-dozen significant clients over the past 6 weeks and today are at record client counts, and record loan volumes.”

On his return from Bordeaux, the Drinks Business’s Colin Hay reflects on the quality of the complex but ultimately exceptional 2022 vintage, the prevailing market conditions and the role of wine critics in the campaign to come.

In advance of Cinco de Mayo, Wine Enthusiast’s Jesica Vargas delves into the history of Mexican wine.

In Wine-Searcher, Liza B. Zimmerman on her not-so-great experience with Underground Wine Cellar, which recently filed for bankruptcy. “Tech entities generally come and go and are the playthings of the wealthy. This corporate meltdown, on the heels of the recent demise of the Silicon Valley Bank, which dealt with many small wineries, has really hit a lot of not-big-spenders. I can’t wait to see how a court case may help us to get our money back.”

In Wine Spectator, Robert Camuto profiles Darrell Corti, who has made a mark on a range of wines, from California Zinfandel to now-legendary Barolo, helping to change the fortunes of winemaking families along the way.

Jancis Robinson and Tamlyn Currin explore English sparkling wine

In Vinous, Eric Guido offers his notes on Trentino-Alto Adige wines.

Source : https://www.terroirist.com/daily-wine-news-svb-wine-now/

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