March 11 (Reuters) – British clearing financial institution The Financial institution of London is contemplating a rescue bid for the UK arm of collapsed U.S. financial institution Silicon Valley Financial institution (SIVB.O), Sky Information reported on Saturday.
The British financial institution has appointed funding financial institution Perella Weinberg Companions (PWP.O) to advise it on its curiosity in Silicon Valley Financial institution UK Restricted (SVB UK), the report stated, citing a supply aware of the matter.
The Financial institution of London declined to touch upon the report, whereas SVB didn't instantly reply to a Reuters' request for remark.
The information of the British financial institution's bid curiosity comes a day after the Financial institution of England stated it was looking for a court docket order to put SVB UK into an insolvency process, after U.S. regulators took over its mother or father firm SVB Monetary Group earlier on Friday.
The rout in SVB's inventory, which started on Thursday, has spilled over into different U.S. and European banks. U.S. banks have misplaced over $100 billion in inventory market worth and European banks have shed one other $50 billion in worth over the previous two days, based on a Reuters calculation.
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Reporting by Jyoti Narayan in Bengaluru; Enhancing by Mark Potter and David Holmes
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