Bank of London said it had submitted a formal proposal to the UK arm of SVB, as well as sending it to authorities including the Treasury and the Bank of England.
of SVB Financial Group, which focuses on tech start-ups, was the biggest bank collapse in the US since the 2008 financial crisis.
SoftBank-owned lender OakNorth Bank was also weighing a bid to buy SVB UK, a person with knowledge of the talks told Reuters, confirming an earlier Sky News report. Abu Dhabi state-backed investment vehicle ADQ was also looking, Sky reported.Meanwhile, advisory firm RothschildCo was exploring options for the subsidiary, two people familiar with the discussions told Reuters on Saturday.
The government was weighing involving the British Business Bank to help SVB’s customers, said one person, to help address firms’ cash needs. The BBB is government-owned but independently managed, specialising in supporting start-up firms. During the pandemic it ran the state-backed loans programs. Customers may not be able to recover deposits exceeding those sums, which are small relative to the deposits some start-ups had with the bank.
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