Global clearing institution Bank of London has submitted a formal proposal to acquire the Silicon Valley Bank's subsidiary in the United Kingdom, according to a statement disclosed by Reuters on March 12.
As per the statement, the purchase is an effort from a consortium of private equity firms:
Reuters earlier reported that other U.K. financial institutions were reviewing similar moves, including the SoftBank-owned lender OakNorth Bank. Abu Dhabi Investment vehicle ADQ were also interested in the SVB's arm.
A plan to rescue startups and tech companies affected by SVB's collapse has been drafted by British authorities. The emergency plan will include a cash lifeline to a number of businesses.
Prime Minister Rishi Sunak said the government is working "at pace" to deliver a plan in the coming hours that would secure "operational liquidity and cash-flow needs" for Silicon Valley Bank's UK clients.
This is a developing story, and further information will be added as it becomes available.
