Bank of London weighs rescue bid for Silicon Valley Bank's UK arm - Sky News (updated)

Perella Weinberg Partners

11/03/2023 12:57

(Adds details, background)
       March 11 (Reuters) - British clearing bank The Bank of
London is considering a rescue bid for the UK arm of collapsed
U.S. bank Silicon Valley Bank  SIVB.O , Sky News reported on
Saturday.
    The British bank has appointed investment bank Perella
Weinberg Partners to advise it on its interest in Silicon Valley
Bank UK Limited (SVB UK), the report said, citing a source
familiar with the matter. 
    The Bank of London and SVB did not immediately respond to a
Reuters' request for comment. 
    The news of the British bank's bid interest comes a day
after the Bank of England said it was seeking a court order to
place SVB UK into an insolvency procedure, after U.S. regulators
took over its parent company SVB Financial Group earlier on
Friday.
    The rout in SVB's stock, which began on Thursday, has
spilled over into other U.S. and European banks. U.S. banks have
lost over $100 billion in stock market value and European banks
have shed another $50 billion in value over the past two days,
according to a Reuters calculation.

 (Reporting by Jyoti Narayan in Bengaluru
Editing by Mark Potter)
 ((Jyoti.Narayan@thomsonreuters.com;))