London bank bids for Silicon Valley bank's UK arm | 區塊內幕 Cryptoinsiders

WAN CHAI, Hong Kong - March 14, 2023 - PRLog -- 區塊內幕 Cryptoinsiders 消息- The Bank of London has made a formal bid to acquire Silicon Valley Bank's UK subsidiary, leading a consortium of private equity firms in the effort. Other UK financial institutions, including OakNorth Bank and Abu Dhabi Investment vehicle ADQ, are also exploring similar moves.

The Bank of England halted SVB's operations in the UK on March 10, stating that the bank has a limited presence in the country and does not support critical functions in the financial system. However, over 200 UK tech company founders and CEOs have signed a letter claiming that many fintech firms rely on SVB for banking operations and may go into receivership without preventative action.

The US Federal Deposit Insurance Corporation has reportedly launched an auction process for SVB, which is set to close on March 12. British authorities have drafted an emergency plan to rescue startups and tech companies affected by SVB's collapse, including providing a cash lifeline for affected businesses.

The UK government has said it will ensure the short-term operational and cash flow needs of SVB's UK customers are met. US regulators and White House officials are said to be working over the weekend to address the situation. While a major bailout is not being considered, investor protection efforts are underway.

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