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.
A general view of the Bank of England building, the BoE confirmed to raise interest rates to 1.75%, in London, Britain, August 4, 2022. REUTERS/Maja Smiejkowska
LONDON, March 10 - 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"SVB UK has a limited presence in the UK and no critical functions supporting the financial system.
Other assets and liabilities would be managed by the bank's liquidators and any funds recovered would be passed on to creditors, the BoE said. Bank failures are rare in Britain, with only two lenders going through the BoE's resolution procedures since 2009.
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