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Bank of England seeks to wind up Silicon Valley Bank's UK arm

The Bank of England is seeking to wind up Silicon Valley Bank's UK arm, with depositors eligible for up to 85,000 pounds of compensation for lost deposits

1 min read
  • The Bank of England is seeking a court order to place Silicon Valley Bank UK Limited into an insolvency procedure.
  • Depositors are eligible for up to 85,000 pounds ($102,000) of compensation for lost deposits.
  • The Financial Times reported that SVB's British arm had sought 1.8 billion pounds of liquidity from the BoE.
Bank of England seeks to wind up Silicon Valley Bank's UK arm
The Bank of England said on Friday that it was seeking a court order to place Silicon Valley Bank UK Limited into an insolvency procedure, after U.S. regulators took over its parent company, SVB Financial Group , earlier in the day.
Reuters

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