London Daily

Focus on the big picture.
Sunday, Mar 01, 2026

High street banks given 24 hours to rescue Silicon Valley Bank UK

High street banks given 24 hours to rescue Silicon Valley Bank UK

Lenders including Barclays and Lloyds Banking Group have been asked to consider whether they can make an offer for the stricken technology-focused lender.

Britain's biggest high street banks have been given a 24-hour deadline to rescue Silicon Valley Bank UK (SVB UK) from collapse as the Bank of England prepares to place it into an insolvency process.

Sky News has learnt that major UK lenders including Barclays and Lloyds Banking Group are among the parties to have been approached by the board of SVB UK over the weekend to see if an emergency takeover deal can be struck.

City sources said that a number of parties, including The Bank of London, were interested in finalising a deal.

A number of the biggest high street banks are expected to examine the prospects for a deal, although the chances of one of them intervening appeared remote.

An executive at one large UK bank said they had been given access to a data room over the weekend.

Rothschild, the investment bank, has been asked to handle the quickfire process with the permission of the Bank of England, according to one source.

Speaking to Sky News' Sophy Ridge On Sunday programme, Chancellor Jeremy Hunt said "there is no systemic risk to our financial system" - but added "there is a serious risk to our technology and life sciences sectors".

"We are working at pace on a solution we will bring forward very soon plans to make sure people are able to meet their cashflow requirements, pay their staff."

"But obviously what we want to do is to find a longer-term solution that minimises or even avoids completely losses to some of our most promising companies."

The Treasury said in a statement on Sunday: "The UK has a world leading tech sector, with a dynamic start-up and scale-up ecosystem.

"The government recognises that, given the importance of Silicon Valley Bank to its customers, its failure could have a significant impact on the liquidity of the tech ecosystem.

"The government is treating this issue as a high priority, with discussions between the governor of the Bank of England, the prime minister and the chancellor taking place over the weekend."

Silicon Valley Bank's headquarters are based in California


The implosion of SVB's US-listed parent company, which has been taken into government control, represents one of the biggest global 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 wrote to Mr Hunt, to warn of "an existential threat to the UK tech sector".

In a letter seen by Sky News, founders including those from Adzuna, Curve 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."

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

Newsletter

Related Articles

0:00
0:00
Close
When the State Replaces the Parent: How Gender Policy Is Redefining Custody and Coercion
Bill Clinton Denies Knowing Woman in Hot Tub Photo During Closed-Door Epstein Deposition
Former U.S. President Bill Clinton Testifies on Ties to Jeffrey Epstein Before Congressional Oversight Committee
Dyson Reaches Settlement in Landmark UK Forced Labour Case
Barclays and Jefferies Shares Fall After UK Mortgage Lender Collapse Rekindles Credit Market Concerns
Play Exploring Donald Trump’s Rise to Power by ‘Lehman Trilogy’ Author to Premiere in the UK
Man Arrested After Churchill Statue Defaced in Central London
Keir Starmer Faces Political Setback as Labour Finishes Third in High-Profile By-Election
UK Assisted Dying Bill Set to Fall Short in Parliament as Regional Initiatives Gain Ground
UK Defence Ministry Clarifies Position After Reports of Imminent Helicopter Contract
Independent Left-Wing Plumber Secures Shock Victory as Greens Surge in UK By-Election
Reform UK Refers Alleged ‘Family Voting’ Incidents in By-Election to Police
United Kingdom Temporarily Withdraws Embassy Staff from Iran Amid Heightened Regional Tensions
UK Government Reaches Framework Agreement on Release of Mandelson Vetting Files
UK Police Contracts With Israeli Surveillance Firms Spark Debate Over Ethics and Oversight
United Airlines Passenger Hears Cockpit Conversations After Accessing In-Flight Audio Channel
Spain to Conduct Border Checks on Gibraltar Arrivals Under New Post-Brexit Framework
Engie Shares Jump After $14 Billion Agreement to Acquire UK Power Grid Assets
BNP Paribas Overtakes Goldman Sachs in UK Investment Banking League Tables
Geothermal Project to Power Ten Thousand Homes Marks UK Renewable Energy Milestone
UK Visa Grants Drop Nineteen Percent in 2025 as Migration Controls Tighten
Barclays and Jefferies Among Banks Exposed to Collapse of UK Mortgage Lender MFS
UK Asylum Applications Edge Down in 2025 Despite Rise in Small Boat Crossings
Jefferies Reports Significant Exposure After Collapse of UK Lender MFS
FTSE 100 Reaches Fresh Record Highs as Major Share Buybacks and Earnings Lift London Stocks
So, what's happened is, I think, government policy, not just under Labour, but under the Conservatives as well, has driven a lot of small landlords out of business.
Larry Summers, the former U.S. Treasury Secretary, is resigning from Harvard University as fallout continues over his ties to Jeffrey Epstein.
U.S. stocks ended higher on Wednesday, with the Dow gaining about six-tenths of a percent, the S&P 500 adding eight-tenths of a percent, and the tech-heavy Nasdaq climbing roughly one-and-a-quarter percent.
From fears of AI-fuelled unemployment to Big Tech's record investment, this is AI Weekly.
Apple just dropped iOS 26.4.
US Lawmakers Seek Briefing from UK Over Reported Encryption Order Directed at Apple
UK Business Secretary Calls on EU to Remove Trade Barriers Hindering Growth
Legal Pathways for Removing Prince Andrew from Britain’s Line of Succession Examined
PM Netanyahu welcome India PM Narendra Modi to Israel
Shadow Diplomacy: How Harry and Meghan’s Jordan Trip Undermines the Monarchy
Sir Jim Ratcliffe, co-owner of Manchester United, comments on immigration in the UK.
Bill Gates, the UN and the WEF are attempting to construct "a giant digital gulag for all of humanity" via digital ID, CBDCs and vaccine passport infrastructure.
Britain’s Channel Crisis: Paying Billions While the Boats Keep Coming
Downing Street’s Veteran Deception Scandal
UK HealthCare Expands ‘Food as Health’ Initiative Statewide to Tackle Chronic Illness in Kentucky
Leonardo Chief Says UK Set to Decide on New Medium Helicopter Programme
UK Slows Chagos Islands Agreement After Concerns Raised in Washington
European and UK Stock Markets Reach Fresh Highs as Banks and Miners Lead Rally
UK Government Insists Chagos Islands Negotiations Continue After Minister’s ‘Pause’ Remark
No Confirmed Deal for Engie to Acquire UK Power Networks Amid Market Speculation
UK Reaffirms Updated Entry Requirements for Travellers as of February 25, 2026
General Atlantic to sell equity stake in ByteDance, valuing the company at $550 billion
German Chancellor Friedrich Merz Secures Pledge from China for Greater Imports of Quality Goods
Lord Mandelson Condemns Arrest as Driven by ‘Baseless Suggestion’ He Would Flee Abroad
Former UK Ambassador Released on Bail Following Arrest in Epstein-Linked Investigation
×