Key Highlights :
1. Royal Group, an investment firm controlled by a top Abu Dhabi royal, is considering a possible takeover of the UK arm of Silicon Valley Bank.
2. The conglomerate, chaired by United Arab Emirates National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan, is discussing a potential buy-out through one of its subsidiaries.
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4. Representatives for Royal Group didn’t immediately respond to requests for comments outside of normal working hours.
5. Other firms are also said to be exploring making a bid.
6. Clearing bank Bank of London Group Ltd. said in a statement on Sunday that it has submitted a formal proposal to the Treasury, Bank of England and the board of SVB UK.
7. SoftBank Group Corp.-backed lender OakNorth is in detailed talks about an offer, according to a person familiar with the matter.
8. Tech Sector The turmoil at Silicon Valley Bank UK is spilling over into the nation’s technology sector, stoking concern among startups and venture-capital firms worried about losing access to funds sitting at the lender.
9. While the lender is small compared to the UK’s largest banks, it plays an outsized role in the world of startups, describing itself on its website as “the go-to banking
An investment firm controlled by a top Abu Dhabi royal is considering a possible takeover of the UK arm of Silicon Valley Bank following its collapse last week, according to people familiar with the matter.
Continue Reading at Source : livemint