The Bank of London said it had applied for Silicon Valley Bank UK, a subsidiary of SVB, adding that it had submitted its proposals to UK authorities, including the Treasury and the Bank of England.

The Bank of London, a clearing bank, is leading a consortium of investors, including private equity funds, that have submitted formal proposals.

“Can’t let the Silicon Valley bank failgiven the vital community it serves,” said Bank of London co-founder and chief executive Anthony Watson.

“This is a unique opportunity to enable a more diversified UK banking sector, while at the same time allowing it to continue serving SVB’s UK customer base,” he said.

Unlike other financial institutions, the Bank of London does not make loans and keeps all of its deposits with the Bank of England.

Advisory firm Rothschild & Co is exploring options for the subsidiary as bankruptcy looms, two people familiar with the matter told Reuters yesterday.

The Bank of England said it is seeking a court ruling to declare Silicon Valley Bank UK insolvent.

US Treasury Secretary Janet Yellen announced this today. works closely with relevant US banking regulatorsreacting to the collapse of Silicon Valley Bank (SVB) to protect depositors, but saying it was not major financial assistance is being considered.

“Let me be clear that during the financial crisis, investors and owners of the systemic big banks were bailed out… The reforms that have been made mean we won’t be doing that again,” Yellen said on CBS Sunday. Morning news.

Source: APE-Reuters.