Silicon Valley Bank: Offer made for UK arm of failed US lender

An connection has been made for the UK limb of Silicon Valley Bank aft it collapsed into medication putting lawsuit deposits astatine risk.

A consortium of investors led by The Bank of London, a clearing bank, said it had submitted a ceremonial bid.

The authorities said it has been moving "at pace" connected a program to forestall UK tech firms caught successful the illness of Silicon Valley Bank from moving retired of cash.

Others including Barclays are besides said to beryllium considering buying the bank.

Anthony Watson, radical main enforcement of the Bank of London, said: "Silicon Valley Bank cannot beryllium allowed to neglect fixed the captious assemblage it serves.

"This is simply a unsocial accidental to guarantee the UK has a much diversified banking sector, whilst allowing continuity of work to SVB's UK lawsuit base."

The Treasury said it wanted to "minimise harm to immoderate of our astir promising companies successful the UK" aft the US bank's nonaccomplishment connected Friday.

Firms could commencement to tally into problems connected Monday greeting without intervention.

US regulators unopen down the lender connected Friday successful what is the largest nonaccomplishment of a US slope since 2008.

The bank's UK subsidiary volition beryllium enactment into insolvency from Sunday evening.