London Daily

Focus on the big picture.
Thursday, Oct 30, 2025

Bank of London weighs rescue bid for UK arm of Silicon Valley Bank

Bank of London weighs rescue bid for UK arm of Silicon Valley Bank

The Bank of London is exploring the possibility of assembling an offer for SVB UK as start-up founders warn Jeremy Hunt that its collapse will "cripple" the British tech sector.
A new clearing bank which launched just two years ago is among the suitors this weekend weighing bids to salvage the British arm of Silicon Valley Bank (SVB).

Sky News has learnt that The Bank of London (TBOL), which recently raised funds at a valuation of over $1bn, is considering making an offer for SVB UK.

News of its interest comes hours after the Bank of England said it planned to use a bank insolvency procedure to take control of the British operation, which counts thousands of UK start-ups among its clients.

It was unclear this weekend how credible an offer might be from The Bank of London given its own fledgling status.

One source said it had appointed the investment bank Perella Weinberg Partners to advise it on its interest in SVB UK.

The Bank of London's new finance chief, Gavin Hewitt, was previously at SVB UK, which could offer an advantage in any attempt to acquire the business rapidly.

The Bank of London is chaired by Harvey Schwartz, the new chief executive of Carlyle Group, the giant American private equity firm, and City insiders speculated that Carlyle could also become involved in an offer.

Sources close to Carlyle, however, sought to play down any suggestion that it would be interested in participating in a takeover of SVB UK.

The implosion of SVB's US-listed parent company, which has been taken into government control, represents one of the biggest banking collapses since the financial crisis of 2008.

UK depositors stand to receive up to £85,000 as part of the resolution of the British arm of SVB, sparking fears about the fate of substantial amounts of funding in the start-up community.

On Saturday, dozens of early-stage companies were writing to Jeremy Hunt, the chancellor, to warn of "an existential threat to the UK tech sector".

In a draft letter seen by Sky News, founders including those from Adzuna, Signal AI, JustPark and Thriva called on Mr Hunt to intervene.

"The majority of the most exciting and dynamic tech businesses bank with SVB and have no or limited diversity in where their deposits are held," the draft letter said.

"This weekend the majority of us as tech founders are running numbers to see if we are potentially technically insolvent.

"The impact of this is far greater than our individual businesses.

"The Bank of England's assessment that SVB going into administration would have limited impact on the UK economy displays a dangerous lack of understanding of the sector and the role it plays in the wider economy, both today and in the future."

The founders warned Mr Hunt, who will deliver his Budget statement on Wednesday, that the collapse of SVB UK would "cripple the sector and set the ecosystem back 20 years".

"Many businesses will be sent into involuntary liquidation overnight," they wrote.

"Many other businesses, both in the tech sector and the wider economy - the customers and suppliers of these businesses - will be negatively impacted by these businesses going bankrupt."

Mr Hunt and Treasury officials were being kept informed on Saturday about the preparations for SVB UK's resolution.

Interpath Advisory is being lined up to handle the insolvency process in the UK.

A spokesman for The Bank of London said on Saturday: "The Bank of London does not comment on market speculation."

An Treasury spokesperson said: "We are working with the Bank of England to ensure that Silicon Valley Bank UK's failure is managed smoothly, and that any disruption is minimised."
Newsletter

Related Articles

0:00
0:00
Close
UK and Vietnam Sign Landmark Migration Deal to Fast-Track Returns of Irregular Arrivals
UK Drug-Pricing Overhaul Essential for Life-Sciences Ambition, Says GSK Chief
Princesses Beatrice and Eugenie Temporarily Leave the UK Amid Their Parents’ Royal Fallout
UK Weighs Early End to Oil and Gas Windfall Tax as Reeves Seeks Investment Commitments
UK Retail Inflation Slows as Shop Prices Fall for First Time Since Spring
Next Raises Full-Year Profit Guidance After Strong Third-Quarter Performance
Reform UK’s Lee Anderson Admits to 'Gaming' Benefits System While Advocating Crackdown
United States and South Korea Conclude Major Trade Accord Worth $350 Billion
Hurricane Melissa Strikes Cuba After Devastating Jamaica With Record Winds
Vice President Vance to Headline Turning Point USA Campus Event at Ole Miss
U.S. Targets Maritime Narco-Routes While Border Pressure to Mexico Remains Limited
Bill Gates at 70: “I Have a Real Fear of Artificial Intelligence – and Also Regret”
Elon Musk Unveils Grokipedia: An AI-Driven Alternative to Wikipedia
Saudi Arabia Unveils Vision for First-Ever "Sky Stadium" Suspended Over Desert Floor
Amazon Announces 14 000 Corporate Job Cuts as AI Investment Accelerates
UK Shop Prices Fall for First Time Since March, Food Leads the Decline
London Stock Exchange Group ADR (LNSTY) Earns Zacks Rank #1 Upgrade on Rising Earnings Outlook
Soap legend Tony Adams, long-time star of Crossroads, dies at 84
Rachel Reeves Signals Tax Increases Ahead of November Budget Amid £20-50 Billion Fiscal Gap
NatWest Past Gains of 314% Spotlight Opportunity — But Some Key Risks Remain
UK Launches ‘Golden Age’ of Nuclear with £38 Billion Sizewell C Approval
UK Announces £1.08 Billion Budget for Offshore Wind Auction to Boost 2030 Capacity
UK Seeks Steel Alliance with EU and US to Counter China’s Over-Capacity
UK Struggles to Balance China as Both Strategic Threat and Valued Trading Partner
Argentina’s Markets Surge as Milei’s Party Secures Major Win
British Journalist Sami Hamdi Detained by U.S. Authorities After Visa Revocation Amid Israel-Gaza Commentary
King Charles Unveils UK’s First LGBT+ Armed Forces Memorial at National Memorial Arboretum
At ninety-two and re-elected: Paul Biya secures eighth term in Cameroon amid unrest
Racist Incidents Against UK Nurses Surge by 55%
UK Chancellor Rachel Reeves Cites Shared Concerns With Trump Administration as Foundation for Early US-UK Trade Deal
Essentra plc: A Closer Look at a UK ‘Penny Stock’ Opportunity Amid Market Weakness
U.S. and China Near Deal to Avert Rare-Earth Export Controls Ahead of Trump-Xi Summit
Justin time: Justin Herbert Shields Madison Beer with Impressive Reflex at Lakers Game
Russia’s President Putin Declares Burevestnik Nuclear Cruise Missile Ready for Deployment
Giuffre’s Memoir Alleges Maxwell Claimed Sexual Act with Clooney
House Republicans Move to Strip NYC Mayoral Front-Runner Zohran Mamdani of U.S. Citizenship
Record-High Spoiled Ballots Signal Voter Discontent in Ireland’s 2025 Presidential Election
Philippines’ Taal Volcano Erupts Overnight with 2.4 km Ash Plume
Albania’s Virtual AI 'Minister' Diella Set to 'Birth' Eighty-Three Digital Assistants for MPs
Tesla Unveils Vision for Optimus V3 as ‘Biggest Product of All Time’, Including Surgical Capabilities
Francis Ford Coppola Auctions Luxury Watches After Self-Financed Film Flop
Convicted Sex Offender Mistakenly Freed by UK Prison Service Arrested in London
United States and China Begin Constructive Trade Negotiations Ahead of Trump–Xi Summit
U.S. Treasury Sanctions Colombia’s President Gustavo Petro over Drug-Trafficking Allegations
Miss USA Crowns Nebraska’s Audrey Eckert Amid Leadership Overhaul
‘I Am Not Done’: Kamala Harris Signals Possible 2028 White House Run
NBA Faces Integrity Crisis After Mass Arrests in Gambling Scandal
Swift Heist at the Louvre Sees Eight French Crown Jewels Stolen in Under Seven Minutes
U.S. Halts Trade Talks with Canada After Ontario Ad Using Reagan Voice Triggers Diplomatic Fallout
Microsoft AI CEO: ‘We’re making an AI that you can trust your kids to use’ — but can Microsoft rebuild its own trust before fixing the industry’s?
×