UK seeks to tap Middle East buyer for SVB UK - FT

The UK government is trying to get a Middle Eastern buyer for the takeover of the British arm of Silicon Valley Bank SIVB.O to prevent damage spreading across the technology sector, the Financial Times reported on Sunday.

SVB UK had nearly 7 billion pounds ($8.42 billion) in deposits when the BoE deemed it insolvent on Friday, the report said, citing people familiar with the matter.

The Middle Eastern buyer is one of the leading bidders for the takeover, the report said.

Subscribe for our daily newsletter
Subscribe for our daily newsletter

By subscribing I accept the terms of use and privacy policy