LONDON, March 12 — Britain’s finance ministry and the Bank of England are working to minimise the disruption that could arise from a collapse of the UK arm of Silicon Valley Bank, which has been seized by US regulators, the ministry said yesterday.
Advisory firm Rothschild & Co is exploring options for SVB UK as insolvency looms, two people familiar with the discussions told Reuters. “Most businesses are operating on very fine margins in the current economy and the contagion from the initial insolvencies will be vast and impact the economy far beyond the tech sector,” the letter said.
Britain’s Department for Science, Innovation and Technology is also talking to the affected tech firms. A further statement will be issued after the talks on Saturday.