Major British commercial banks are required to rescue the British branch of Silicon Valley Bank within 24 hours

It is reported that the UK’s largest commercial street bank was given a 24-hour deadline to save the UK branch of Silicon Valley Bank from bankruptcy, because the Bank of England is preparing to bring it into bankruptcy proceedings. According to British Sky News, loan institutions including Barclays Bank and Lloyds Bank Group have been asked to consider whether they can make a takeover offer for Silicon Valley Bank UK Branch. Many institutions, including Bank of London, are interested in finalizing the transaction. It is expected that many large commercial banks will examine the prospect of the transaction, although the possibility of one of them to intervene seems very small. An executive of a large British bank said that they were allowed to enter a data room at the weekend. A source said that Rothschild, the investment bank, had been asked to deal with this procedure as soon as possible with the permission of the Bank of England.

Interpretation of this information:

The UK branch of Silicon Valley Bank is in danger of bankruptcy and has been given a 24-hour deadline to find a solution by the Bank of England. Loan institutions, including Barclays and Lloyds, have been asked to consider a takeover offer. Other institutions, like the Bank of London, have expressed interest in finalizing the transaction. Rothschild, the investment bank, has been asked to deal with the process as quickly as possible.