Britain battles to limit SVB damage as would-be buyer for UK arm steps in
https://asia.nikkei.com/Business/Finance/Britain-battles-to-limit-SVB-damage-as-would-be-buyer-for-UK-arm-steps-in
A would-be buyer for the UK arm of failed U.S. lender Silicon Valley Bank (SVB) stepped forward on Sunday as British Prime Minister Rishi Sunak said his government was working to limit any fallout for companies from the bank's demise.
Bank of London said it had submitted a formal proposal to the UK arm of SVB, as well as sending it to authorities, including the Treasury and the Bank of England.
Friday's dramatic failure of SVB Financial Group, which focuses on tech startups, was the biggest bank collapse in the U.S. since the 2008 financial crisis.
The collapse could have a significant impact on British technology companies, given the importance of the lender to some customers, finance minister Jeremy Hunt said earlier on Sunday,
Bank of London, a clearing bank, said it was leading a consortium of private equity firms in making the approach.
"Silicon Valley Bank cannot be allowed to fail given the vital community it serves," Bank of London co-founder and CEO Anthony Watson said.
SoftBank-owned lender OakNorth Bank is also weighing a bid to buy SVB UK Ltd, a person with knowledge of the talks told Reuters, confirming an earlier Sky News report. Abu Dhabi state-backed investment vehicle ADQ is also looking, Sky reported.
The BoE has said it is seeking a court order to place the UK arm of SVB into insolvency.
Meanwhile, advisory firm Rothschild & Co was exploring options for the subsidiary, two people familiar with the discussions told Reuters on Saturday.
going back to 2021
Sources inform "Globes" that SoftBank, the world's biggest VC firm, is opening an office in Israel. Managing partner EMEA Yanni Pipilis: We believe massively in the ecosystem that exists in the country.
https://en.globes.co.il/en/article-exclusive-ex-mossad-chief-yossi-cohen-to-head-softbanks-israel-office-1001377596
Exclusive: From head of the Mossad to the biggest venture capital firm in the world: Sources inform "Globes" that Japanese investor Masayoshi Son's SoftBank is appointing former Mossad chief Yossi Cohen as manager of its activity in Israel. SoftBank is considered the world's leading technology fund, with huge investments in companies such as Uber, Alibaba, TikTok, and Didi. This is the second investment giant within three months to open a representative office in Israel, after Blackstone appointed Yifat Oron as a Senior Managing Director and head of its Tel Aviv office.
if that don't beat all