A woman with an umbrella stands in front of the Bank of England, at the financial district in London, Thursday, Nov. 3, 2022. The Bank of England on Friday said it was seeking a court order to place SVB UK into an insolvency procedure. Advisory firm Rothschild is exploring options for SVB U.K. as insolvency looms, two people familiar with the discussions told Reuters. More than 250 U.K. tech firm chief executives signed a letter addressed to Jeremy Hunt, the British chancellor of the exchequer (finance minister), calling for government intervention, a copy seen by Reuters shows. "The recent news about SVB going into insolvency represents an existential threat to the U.K. tech sector," the letter said.

Source: The Times March 12, 2023 03:36 UTC