The government is seeking to line up Barclays to take over the UK unit of Silicon Valley Bank (SVB) in a bid to rescue it from liquidation, the Standard has learned.
The government has also received interest from a potential Middle Eastern buyer, according to reports in the Financial Times, while the two-year-old Bank of London has already formally submitted a takeover bid. Meanwhile, SVB UK has been searching to find a British bank to agree an emergency sale, with the likes of Lloyds, Barclays and the Bank of London among the firms being approached, according to reports by Sky News. SVB is set to enter involuntary liquidation as soon as tomorrow without an eleventh-hour intervention.
