Britain races to limit SVB damage amid reports of potential buyers FMTNews FMTBusiness
Several banks are weighing bids to buy the UK arm of the failed US lender Silicon Valley Bank .
The collapse could have a significant impact on British technology companies, given the importance of the lender to some customers, finance minister Jeremy Hunt said earlier on Sunday, Sunak said he understood “the anxiety and the concerns customers of the bank have”, in comments made to reporters flying with him to the US. 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.
Banks including Lloyds Banking Group and NatWest Group had been approached to see if an emergency takeover deal can be reached, people familiar with the matter told Reuters. 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.
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