THE Bank of London announced that it submitted a bid to Silicon Valley Bank UK, subsidiary of SVB, adding that it has sent its proposals to British authorities, including the Treasury and the Bank of England.

Bank of London, a clearing bank, is leading a consortium of investors, including private equity funds, which has submitted formal proposals.

“Silicon Valley Bank should not be allowed to fail given the vital community it serves,” said Bank of London co-founder and chief executive Anthony Watson.

“This is a unique opportunity to ensure that the UK has a more diverse banking sector, whilst allowing SVB to continue to serve its UK customer base”he said.

Unlike other financial institutions, the Bank of London does not lend and keeps all its deposits with the Bank of England.

Advisory firm Rothschild & Co is exploring options for the subsidiary as insolvency looms, two people with knowledge of the matter told Reuters yesterday.

The Bank of England has said it is seeking a court order to put Silicon Valley Bank UK in insolvency.