UK commercial lending institution Oaknorth Bank is in talks to acquire the UK branch of Silicon Valley Bank

ChainCatcher news, according to Sky News in the UK, a commercial lending institution founded by former Conservative Party donors, Oaknorth Bank, is in detailed negotiations with banking regulators and the government regarding an offer to acquire the UK branch of Silicon Valley Bank. Sources say that a formal bid will undergo several days of due diligence, but Oaknorth hopes to receive regulatory approval for its offer as early as Sunday night. A banker indicated that Oaknorth Bank is competing with the Abu Dhabi government-backed investment vehicle ADQ. Oaknorth Bank was founded by Rishi Khosla and Joel Perlman, and in 2020, it appointed former Chancellor of the Exchequer Lord Hammond as an advisor.

According to the Financial Times, the UK government is trying to facilitate the acquisition of the UK subsidiary of Silicon Valley Bank to prevent the fallout from spreading throughout the tech industry. A well-capitalized buyer from the Middle East has already expressed interest. Previously, Sky News reported that the UK's largest commercial banks were given a 24-hour deadline to rescue Silicon Valley Bank UK. Sources indicate that multiple parties, including London banks, are interested in finalizing a deal. (Source link)