According to a recent Reuters article, The Bank of London has officially placed a bid to buy Silicon Valley Bank’s UK branch. Furthermore, the official offer from “a coalition of top private equity companies,” led by the Bank of London, has been confirmed by a bank statement.
It was revealed earlier today that the FDIC was conducting a formal auction for the since-closed Silicon Valley Bank. Final offers to purchase the financial insinuation were thereafter due by Sunday night.
The demise of SVB Financial has surely shaken the banking industry. In addition, worry and terror have been rampant during the worst banks’ failure since the 2008 financial crisis while the future’s course is still being determined.
In the current auction, the FDIC conducts for the bank, one intriguing name has emerged as a prospective buyer. In particular, according to Reuters, the Bank of London has made a formal proposal for Silicon Valley UK.
According to the article, the English bank filed the proposal today, just beating the anticipated conclusion of the auction this evening. Furthermore, a board statement that was made public stated that the Bank of London had made plans to carry out a prospective acquisition.
“A consortium of leading private equity firms, led by The Bank of London, confirms it has submitted formal proposals to His Majesty’s Treasury, The Prudential Regulation Authority at The Bank of England and the Board of Silicon Valley Bank UK,” a statement read.