Hundreds of UK and European customers, many of them small technology start-ups, have rushed to take their money out of the UK bank, according to emails seen by i
The UK arm of Silicon Valley Bank is set to be declared insolvent in one of the biggest modern banking collapses The UK arm of Silicon Valley Bank is set to be declared insolvent by the Bank of England after its US parent company failed in one of the biggest modern banking collapses.
US officials moved in to take over after what was effectively a run on the bank. Depositors rushed to withdraw their money amid fears SVB would not have sufficient funds to meet demands., hitting the shares of hundreds of thousands of banks and technology companies. In the US, a payroll service provider Rippling notified customers that some wage processes had stalled because SVB helped handle its payments. It said it had switched to another bank but many pay cheques drawing on SVB accounts had already been sent out.
The Bank of England said Silicon Valley Bank UK would stop making payments or accepting deposits in the interim and the move would allow individual depositors to be paid up to £85,000 or £170,000 for joint account holders, from the UK’s deposit insurance scheme.
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