SVB contagion: UK arm shuts down, government scrambles and startups brace for the worst

As of late Thursday night and Friday morning, the fallout from the shutdown of Silicon Valley Bank in the US had reached the shores of the UK and Europe. Yesterday afternoon, the Bank of England sought a court order to place Silicon Valley Bank UK Limited — the UK arm of the US institution — into an insolvency procedure.
In a statement, the BoE said: “SVB UK has a limited presence in the UK and no critical functions supporting the financial system. In the interim, the firm will stop making payments or accepting deposits.” SVB UK confirmed it would be put into insolvency from this Sunday evenin

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