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Bank of London confirms bid to rescue Silicon Valley Bank UK
The Bank of London has confirmed that it has submitted a bid to rescue Silicon Valley Bank UK, after it collapsed this week.
However, it is likely to face competition, particularly as the Standard understands that the government is eyeing Barclays to take over the failed bank’s UK unit. The government has also received interest from a potential Middle Eastern buyer, according to reports in the Financial Times.
Launched in 2021, the Bank of London is a clearing bank which holds all of its deposits with the Bank of England. Its finance chief Gavin Hewitt previously worked at SVB UK.
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