Bank of London submits a formal proposal to the UK arm of Silicon Valley Bank.
stepped forward on Sunday, March 12, as British Prime Minister Rishi Sunak said his government was working to limit any fallout for companies from the bank’s demise.
Bank of London, a clearing bank, said it was leading a consortium of private equity firms in making the approach. Sunak said he understood “the anxiety and the concerns customers of the bank have,” in comments made to reporters flying with him to the United States. He and the government were “making sure we can work to find a solution that secures people’s operational liquidity and cash-flow needs,” he said.
“We will bring forward very soon plans to make sure people are able to meet their cash-flow requirements to pay their staff,” Hunt said. But an executive at a major UK bank said it was unlikely a high street lender would buy SVB UK because its credit products would not be a good fit for a mainstream bank.More than 250 UK tech firm executives signed a letter addressed to Hunt on Saturday calling for government intervention and warned of an “existential threat” to the UK tech sector, a copy seen by Reuters shows.
Hunt reiterated comments by the BoE that overall, SVB had a limited presence in Britain and did not perform functions critical to the financial system.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silicon Valley Bank is largest failure since 2008 crisis, billions strandedStartup-focused lender SVB Financial Group became the largest bank failure since the financial crisis on Friday, March 10, in a sudden collapse that roiled global markets and stranded billions of dollars belonging to companies and investors.
Read more »
Silicon Valley Bank staff offered 45 days of work at 1.5 times payEmployees of Silicon Valley Bank were offered 45 days of employment at one and a half times their salary by the Federal Deposit Insurance Corp, the US regulator that took control of the collapsed lender, according to an email to staff seen by Reuters.
Read more »
Worry for tech startups after Silicon Valley Bank failureSilicon Valley Bank’s stunning collapse has led to the freezing of tens of billions of dollars stored there by startups and their private equity backers, raising fears of a wider tech sector fallout. | AFP
Read more »
Silicon Valley Bank's demise began with downgrade threat – sourcesDetails of Silicon Valley Bank's failed response to the prospect of a Moody's Investors Service downgrade show how quickly confidence in financial institutions can erode.
Read more »
Silicon Valley Bank staff offered 45 days of work at 1.5 times payThe collapsed Silicon Valley Bank had a workforce of 8,528 at the end of 2022.
Read more »
UK races to minimize damage from Silicon Valley Bank collapseMore than 250 UK tech firm executives sign a letter calling for government intervention and warning of an 'existential threat' to the UK tech sector.
Read more »