Silicon Valley Bank: Start-ups welcome the warm embrace of Britain’s big banks March 15, 2023 The collapse of SVB UK is causing start-ups to reevaluate their banking priorities, Charlie Conchie writes Among the backslapping jubilation of HSBC’s rescue swoop on Monday morning, a singular voice fired a sour warning into the ether. Loss-making start-up the Bank of London had over the weekend launched a bid to buy Silicon Valley Bank’s [...]
Sanjeev Gupta’s GFG vows to fund steel producer ABB’s fight against New York bankruptcy case March 14, 2023 Sanjeev Gupta’s GFG Alliance has set out its plan to block steel producer Aartee Bright Bar (ABB) from being forced into bankruptcy. The conglomerate, which fully acquired the Midlands company last month, said it would ask a court to block New York investment fund FGI from plunging ABB into insolvency. GFG said its rescue plan [...]
Silicon Valley Bank collapse poses ‘tremendous opportunity’, lawsuit funder LCM says March 14, 2023 The collapse of Silicon Valley Bank poses a “tremendous opportunity” for more lawsuits, funder Litigation Capital Management (LCM) has said. The firm is readying itself to profit on an uptick in bankruptcies as the global economy hits a slump, the company’s chief executive has said. The Australian financier, that in February made £7m in profits [...]
“Project Yeti”: Inside the scramble to save Silicon Valley Bank UK March 13, 2023 “It’s going down to the wire.” That was the view of Coadec CEO Dom Hallas at 11pm on Sunday evening after hours of meetings had failed to produce a deal on the future of Silicon Valley Bank – with the tech industry warning it would be an existential threat to thousands of firms across the [...]
Silicon Valley Bank triggers rout as HSBC, Lloyds and Natwest shares tumble March 13, 2023 Bank stocks slumped on both sides of the Atlantic today as the fall out of the Silicon Valley Bank crisis spooked investors. The sector has been plunged into turmoil since Friday as the full scale of the troubles at the start-up and venture capital focused lender became clear. American bank First Republic was among the [...]
Silicon Valley Bank UK: What we know (and don’t know) on Monday morning March 13, 2023 Silicon Valley Bank UK was put into insolvency last night – with expectations that government would step in before Monday’s market open now looking more unlikely. The bank’s accounts are effectively frozen, meaning that firms will be unable to access their deposits – possibly leaving them unable to pay bills or salaries. SVB UK’s parent [...]
‘Down to the wire’: Treasury and Bank scramble for Silicon Valley Bank UK package March 12, 2023 Treasury and Bank of England officials are locked in discussions over the future of Silicon Valley Bank’s (SVB) UK arm – with leading tech figures across London suggesting the bank’s collapse could be an extinction-level event for thousands of firms. The UK-owned subsidiary of Silicon Valley Bank was placed into insolvency earlier this evening, with [...]
Silicon Valley Bank UK: What we know (and what we don’t) on Sunday evening March 12, 2023 The Bank of England is set to put Silicon Valley Bank UK into insolvency as soon as this evening – with tech champions warning that the bank’s collapse could be an extinction-level event for a host of UK firms. This story has been updated as of Monday morning The bank’s accounts are effectively frozen, meaning [...]
Silicon Valley Bank: ‘Serious risk’ to UK tech and life sciences, Jeremy Hunt warns March 12, 2023 The collapse of Silicon Valley Bank UK (SVBUK) poses a “serious risk” to the UK’s tech and life sciences sectors, Chancellor Jeremy Hunt has warned. Ministers have said urgent plans to protect businesses from the fallout are being drawn up. Talks between Hunt, prime minister Rishi Sunak and Bank of England (BoE) governor Andrew Bailey [...]
Collapse of Silicon Valley Bank UK ‘could have big impact on tech start-ups’ March 11, 2023 The collapse of Silicon Valley Bank UK (SVBUK) could have a significant impact on tech start-ups, it has been warned. The Coalition for a Digital Economy (Coadec), a non-profit campaigning for policies to support digital start-ups, responded to the overnight announcement from the Bank of England that it would apply to put SVBUK into a [...]