The Bank of England stated SVB UK has a 'limited presence' and is not “critical” to the UK financial system
The Bank of England has halted the operations of Silicon Valley Bank’s U.K. branch , stating that it has a “limited presence” and no “critical functions” supporting the financial system in the United Kingdom .on Mar. 10, declaring that SVB UK will “stop making payments or accepting deposits,” as BoE intends to apply to the court to place SVB UK into a “Bank Insolvency Procedure.
Several U.K. venture capitalists , including Index Ventures and Atomico, issued a joint statement on Mar. 12 endorsing SVB UK. The statement expressed support for SVB UK stating that it is a “trusted” and “valued partner” that plays a “pivotal” role in supporting startups in the U.K.
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