Closing the branch of Silicon Valley Bank in England

According to the economic group Iran is an economist From the TechCrunch website, late Thursday night and Friday morning, the consequences of the closure of the Silicon Valley Bank in the United States reached England and other European countries. On Saturday afternoon of this week, the Bank of England was seeking a court order to put the Silicon Valley bank’s branch in the country into bankruptcy.

The Bank of England announced in a statement: The Silicon Valley Bank branch in England has a limited presence in the country and does not have any important function to support the financial system; Therefore, the bank will stop paying or accepting deposits.

Silicon Valley Bank’s UK branch confirmed on Saturday that it will go into liquidation as of Sunday evening.

Industry sources estimate that the move could affect 30% of UK tech startups and put 10% in trouble.