The Bank of London has submitted an official proposal for the purchase of the UK subsidiary of Silicon Valley Bank, according to a new Reuters report. Moreover, a statement from the bank has verified the formal bid from “a consortium of leading private equity firms,” headed by the Bank of London.
Earlier today, it was unveiled that the FDIC was executing an official auction for the now-closed Silicon Valley Bank. Subsequently, final bids to acquire the financial insinuation were to be proposed by the end of Sunday.
Bank of London Submits SVB Bid
The closure of SVB Financial is a development that has undoubtedly shocked the financial sector. Moreover, as the path forward continues to be charted, concern and panic have abounded amidst the largest banking failure since the financial crisis of 2008.
Now, as the FDIC is orchestrating an auction for the bank, one interesting name has arisen as a potential suitor. Specifically, Reuters has reported that the Bank of London has officially submitted a bid for Silicon Valley UK.
The report states that the English bank has submitted the proposal today, just beating the reported auction close of this evening. Moreover, a statement released from the board has confirmed that the Bank of London has set out to complete a potential purchase.
“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.