A British clearing bank, the Bank of London, was considering a rescue bid for the UK arm of Silicon Valley Bank, as more than 250 UK tech executives signed a letter requesting government intervention.
The collapse of the UK branch of Silicon Valley Bank is being mitigated by the Treasury and Bank of England, according to the Treasury.the country's 16th largest bank, in the biggest collapse of a financial institution since the 2008 financial crisis.
Despite this failure, the finance ministry said Britain's banking system remained strong and resilient, adding that the issues affecting SVB were specific to it and did not have implications for other banks operating in the UK.In a bid for government intervention, more than 250 tech company chief executives signed a letter addressed to Chancellor Jeremy Hunt.
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