PANews reported on March 11 that the Bank of England announced that it plans to apply to the court to include Silicon Valley Bank UK Limited (SVB UK) in the bank bankruptcy procedure, and SVB UK will stop paying and accepting deposits from customers. According to previous news, Silicon Valley Bank went bankrupt on Friday and was taken over by the Federal Deposit Insurance Corporation (FDIC). Subsequently, Silicon Valley Bank's British subsidiary stated that the subsidiary is a "separately operated banking institution" managed by the British regulatory authority PRA, with an independent balance sheet from Silicon Valley Bank Financial Group and an independent British board of directors.