Bank of England Seeks Court Order for SVB UK
The Bank of England is seeking a court order to place Silicon Valley Bank U.K. into an insolvency procedure. The move comes after U.S. regulators took control of the parent company, SVB Financial Group.
Financial Impacts of SVB Collapse
The collapse of Silicon Valley Bank has had a significant impact on U.S. and European banks. U.S. banks have lost over $100 billion in stock market value, while European banks have shed another $50 billion over the past two days.