free web site hit counter

Silicon Valley Bank: Bank of England set to place UK arm into insolvency

The US arm of the bank collapsed on Friday, having been shut down by California regulators.

However, the bank aimed to reassure UK customers that their funds were safe, noting that Silicon Valley Bank UK was a standalone independent banking institution and that its funds were ring-fenced from the wider group’s operations.

Some clients, though, remained concerned about holding their funds in Silicon Valley Bank UK, with a number of tech firms pouring cash that was once held by SVB into Revolut, Wise and other London fintechs instead.

Now, the Bank of England has announced that it has placed the UK arm of the bank into insolvency.

Read More

“The Bank of England, absent any meaningful further information, intends to apply to the Court to place Silicon Valley Bank UK Limited into a bank insolvency procedure,” it said.

Under the insolvency procedure, depositors may be paid Financial Services Compensation Scheme up to the protected limit of £85,000, or up to £170,000 for joint accounts. Remaining assets and liabilities will be handled by liquidators.

“SVBUK has a limited presence in the UK and no critical functions supporting the financial system,” the Bank of England said. “In the interim, the firm will stop making payments or accepting deposits.”

Trading in Silicon Valley Bank shares was halted before US markets opened on Friday.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Stream TV Pro News - Stream TV Pro World - Stream TV Pro Sports - Stream TV Pro Entertainment - Stream TV Pro Games - Stream TV Pro Real Free Instagram Followers PayPal Gift Card Generator Free Paypal Gift Cards Generator Free Discord Nitro Codes Free Fire Diamond Free Fire Diamonds Generator Clash of Clans Generator Roblox free Robux Free Robux PUBG Mobile Generator Free Robux 8 Ball Pool Brawl Stars Generator Apple Gift Card Best Android Apps, Games, Accessories, and Tips Free V Bucks Generator 2022 Free-Fire Free-Fire Free-Fire Free-Fire Free-Fire Free-Fire Free-Fire Free-Fire Free-Fire Free-Fire Roblox Roblox Roblox Roblox Roblox Roblox Roblox Roblox Roblox