Global clearing house Bank of London has submitted a formal proposal to acquire Silicon Valley Bank’s subsidiary in the UK, according to a statement. disclosed Reuters communication on March 12th.
The acquisition is by a consortium of private equity firms, according to a statement.
“A consortium of leading private equity firms, led by the Bank of London, has confirmed it has submitted formal proposals to the Treasury, the Bank of England’s prudential regulators and the Silicon Valley Bank UK Board.”
former Reuters report Other UK financial institutions, including SoftBank-owned lender OakNorth Bank, are considering a similar move. Abu Dhabi investment firm ADQ was also interested in his SVB division.
A plan has been drafted by UK authorities to bail out start-ups and tech companies affected by the SVB collapse. Contingency plans include a cash lifeline to many businesses.
Prime Minister Rishi Sunak Said The government is working “at pace” to deliver plans in the coming hours to ensure “operational liquidity and cash flow needs” for UK clients of Silicon Valley Bank.
This is a work in progress and more information will be added as it becomes available.