Silicon Valley Bank

The news of the failure of Silicon Valley Bank (SVB) in both the US and the UK has dominated the headlines over the last couple of days. We have a team of experts working with our clients who have business with SVB to advise them on the issues in this fast-moving environment. We understand this is a difficult time for many firms across the tech sector, as well as funds who have fund finance facilities with SVB.

This morning, we recorded a podcast covering our reaction to the developments over the weekend and the news about the government measures taken in the UK and US over the last few hours, including an assessment of key lessons learnt and commentary on what we might expect over the next few days and weeks. Listen below.

Our FAQ guide published 12 March 2023, sets out answers to some of the key questions we received from clients in the UK over the weekend about the impact of the Bank of England’s proposed application to place SVB’s UK bank, Silicon Valley Bank UK Limited (SVBUK), into a Bank Insolvency Procedure. Thankfully, many of the issues addressed in the article seem to have been avoided with the news of HSBC’s acquisition of SVBUK and the Fed’s support package for SVB’s US customers. Although things have now moved on, you may still find the article useful as you digest the events of the weekend. The article also includes a market analysis of the issues that caused SVB’s problems and the potential longer term market and regulatory response.

We'll be continually updating content on this page, as things develop. Our dedicated team are available at SVBenquiries@simmons-simmons.com to advise on any issues you may be facing.