Bank of London weighs rescue bid for Silicon Valley Bank’s UK arm – Sky News | MarketScreener

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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)

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