Silicon Valley Bank’s UK branch shut down by Bank of England

The Bank of England (BoE) has halted the operations of Silicon Valley Bank’s U.K. branch (SVB UK), stating that it has a “limited presence” in the United Kingdom (UK) and no “critical functions” supporting the financial system.

BoE issued a statement on Mar. 10, declaring that SVB UK will “stop making payments or accepting deposits,” as BoE intends to apply to the court to place SVB UK into a “Bank Insolvency Procedure.”

This follows news on the same day that the California Department of Financial Protection and Innovation ordered the closure of Silicon Valley Bank (SVB) in the United States.

BoE explained that a bank insolvency procedure would mean that “eligible depositors” are paid out by the Financial Services Compensation Scheme (FSCS) up to the “protected limit” of

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