A customer reads an announcement about the closure of Silicon Valley Bank at a branch in Santa Clara, USA | Photo: Noah Berger/AFP
London, England. The Bank of England (BoE) said it would place the UK branch of Silicon Valley Bank (SVB) in bankruptcy proceedings after Silicon matrix breakdown in the United States.
“The Bank of England, in the absence of any significant additional information, intends to take legal action to place Silicon Valley Bank UK in bank insolvency proceedings,” the Bank of England said in a statement on Friday (10).
In the note, the bank highlighted that the bank insolvency procedure means that eligible depositors will be paid as soon as possible up to the protected limit of £85,000 (R$502,000) or up to £170,000 (R$1,067 million) for joint accounts. .
The Bank of England confirmed that “SVBUK has a limited presence in the UK and has no significant function supporting the financial system. In the meantime, the company will no longer make payments or accept deposits.” (Estadão content)
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Charlotte Whitmore is a contributor at Mediarunsearch.co.uk, covering a broad range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting and practical information that helps readers stay informed about current events and emerging developments. Her work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism that keeps readers connected to the issues shaping the UK and beyond.