Oaknorth, which was launched in 2015 and counts former chancellor Lord Hammond as an adviser, is plotting a takeover of the stricken UK arm of the tech-focused lender, Sky News learns.
One insider said it was now working to find a solution to support SVB UK's clients and the wider tech sector, which has been rocked to its foundations by the bank's collapse.The Bank of London's interest in SVB UK is also thought to be at a detailed stage, with the government and regulators racing to find a solution to the crisis before markets open on Monday morning.
Rothschild, the investment bank, has been asked to handle the quickfire process by SVB UK with the permission of the Bank of England. "The government is working at pace on a solution to avoid or minimise damage to some of our most promising companies in the UK and we will bring forward immediate plans to ensure the short term operational and cashflow needs of Silicon Valley Bank UK customers are able to be met."
"We are working at pace on a solution we will bring forward very soon plans to make sure people are able to meet their cashflow requirements, pay their staff," Jeremy Hunt, the chancellor, told Sophy Ridge on Sunday. In a letter seen by Sky News, founders including those from Adzuna, Curve and Thriva called on Mr Hunt to intervene.
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