Britain’s largest high street bank has been given a 24-hour deadline to save Silicon Valley Bank UK from collapse as the Bank of England prepares to place it into insolvency proceedings.
According to Sky News, lenders including Barclays and Lloyds Banking Group have been asked to consider whether they could make an offer for Silicon Valley Bank's UK branch. Several institutions, including the Bank of London, are interested in finalizing a deal. Several large commercial banks are expected to review the prospects of a deal, although the chances of one of them stepping in appear slim. Executives at a large British bank said they were given access to a data room over the weekend.
Sources said investment bank Rothschild has been asked to rush the process with the Bank of England's permission.