Press "Enter" to skip to content

Bank of London considers rescuing Silicon Valley Bank’s UK division

According to information obtained by Sky News, The Bank of London (TBOL), which recently secured capital valued at over $1 billion, is considering making a bid for SVB UK.

Hours prior to the Bank of England’s announcement that it intended to use a bank bankruptcy procedure to seize control of the British operation, which counts hundreds of UK start-ups among its clients, came word of its interest.

This past weekend, it was uncertain how reliable of an offer The Bank of London might be given its own inexperience.

According to one source, it had chosen Perella Weinberg Partners as its investment bank of choice to counsel it on its interest in SVB UK.

Gavin Hewitt, the new head of finance at the Bank of London, previously worked for SVB UK, which could be advantageous in a quick takeover bid.

Harvey Schwartz, the new CEO of the huge American private equity firm Carlyle Group, chairs the Bank of London. City insiders predicted that Carlyle may also participate in an offer.