Bank of England to Place Silicon Valley Bank UK into Insolvency Procedure

The Bank of England is taking decisive action regarding Silicon Valley Bank UK (SVBUK). On March 10, the Bank of England (BoE) made the statement, declaring that SVB U.K. will “stop making payments or accepting deposits,” as BoE intends to apply to the court to place the company into a Bank Insolvency Procedure.

The Bank of England, absent any meaningful further information, intends to apply to the Court to place Silicon Valley Bank UK Limited (‘SVBUK’) into a Bank Insolvency Procedure. A bank insolvency procedure would mean that...

According to the details, the Silicon Valley Bank’s U.K. arm will no longer accept deposits or make payments. The statement reads: “The Bank of England, absent any meaningful further information...”

Now, the Bank of England has announced that it has placed the UK arm of the bank into insolvency. The reasons behind this decision stem from the events unfolding with its parent company in the United States. “The Bank of England, absent any meaningful further information, intends to apply to the Court to place Silicon Valley Bank UK into a bank insolvency procedure."

LONDON – Britain’s Finance Ministry and the Bank of England are working to minimise the disruption that could arise from a collapse of the United Kingdom arm of the Silicon Valley Bank.

The Bank of England said on Friday that it was seeking a court order to place Silicon Valley Bank UK Limited into an insolvency procedure, after U.S. regulators took control of its parent company, Silicon Valley Bank, amid concerns about its solvency.

This move aims to protect depositors and maintain stability within the UK\'s financial system following the uncertainty surrounding SVB\'s situation. The Bank of England will provide further updates as the insolvency procedure progresses.