The U.S. and UK governments coordinated the sale of a Silicon Valley Bank subsidiary just days after the Santa Clara, California-based bank failed on Friday.
FOX Business senior correspondent Charlie Gasparino provides expert analysis of the historic collapse of Silicon Valley Bank and its widespread economic impact.has resulted in the sale of a Silicon Valley Bank subsidiary, following the Santa Clara, California-based bank’s collapse on Friday. Silicon Valley Bank is a financial institution with more than $200 billion in assets.
The UK Treasury and the Bank of England "facilitated the sale," according to Treasury chief Jeremy Hunt. A sign of a branch of the Silicon Valley Bank is pictured at an office building where the bank is located in Frankfurt, Germany, Monday, March 13, 2023. British and American officials worked throughout the weekend to find buyers for the bank and its subsidiaries, whose collapse was the second-largest bank failure in history.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How Silicon Valley Turned on Silicon Valley BankThe fallout from Silicon Valley Bank threatens to engulf Silicon Valley—and has put the rest of the banking system on edge
Read more »
Bank regulators seize Silicon Valley Bank in largest bank failure since the Great RecessionThe bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run on the bank.
Read more »
Bank of London weighs rescue bid for Silicon Valley Bank's UK arm - Sky NewsBritish clearing bank The Bank of London is considering a rescue bid for the UK arm of collapsed U.S. bank Silicon Valley Bank , Sky News reported on Saturday.
Read more »
Bank of London weighs rescue bid for Silicon Valley Bank's UK arm, Sky News reportsBritish clearing bank The Bank of London is considering a rescue bid for the UK arm of collapsed U.S. bank Silicon Valley Bank , Sky News reported on Saturday.
Read more »
Silicon Valley Bank touts Forbes 'best bank' nod days before becoming largest failure since Great RecessionDays before Silicon Valley Bank collapsed, the bank praised itself for being named onForbes magazine's annual ranking of 'America's Best Banks' for five years in a row.
Read more »