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Silicon Valley Bank (SVB), a Californian bank specialized in services to young Silicon Valley companies, was closed on Friday by US authorities.
British Finance Minister Jeremy Hunt said on Sunday that the bankruptcy of the Californian bank Silicon Valley Bank (SVB) posed a “serious risk» for the British technology sector. “There is a serious risk to our technology and science sectors, many of which do business with this bank.“Jeremy Hunt said in an interview with the British television channel Sky News.
Silicon Valley Bank (SVB), a Californian bank, was closed on Friday by US authorities and the American Deposit Insurance Agency, the FDIC, took control of the establishment, which is expected to reopen on Monday under a new name . Jeremy Hunt said he spoke to Prime Minister Rishi Sunak and Bank of England Governor Andrew Bailey this weekend, and that “We are working at a rapid pace looking for a solution.“. He added that this plan would make it possible to cover the treasury needs of the companies affected by the implosion of the bank, lender of “some of our most promising and exciting companies“.
Read alsoSilicon Valley Bank: How America's startup bank went down
Second largest retail bank failure in the United States
Little known to the general public, SVB specialized in financing startups and became the 16th largest US bank by asset size. Its disappearance constitutes not only the largest bank failure since Washington Mutual in 2008, but also the second largest failure of a retail bank in the United States.
The bank could no longer cope with massive withdrawals from its customers, mainly technology players, and its latest attempts to raise new money were unsuccessful. On Saturday, the British Treasury said that SVB's problems were “specific” and had “There are no implications for other banks operating in the UK.“.
Regarding the British branch of the SVB, the Bank of England explained in a press release on Saturday morning that “in the absence of significant additional information“, she had “He intends to ask the court to place Silicon Valley Bank UK Limited in bank insolvency proceedings.“. The British television channel Sky News reports, for its part, without giving further details, that the young Bank of London, inaugurated two years ago, is studying the possibilities of rescuing the British subsidiary of the SVB.
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