Slaughter and May advised Silicon Valley Bank UK

Slaughter and May advised Silicon Valley Bank UK Limited (SVBUK) on the consequences for its own financial position following its parent, Silicon Valley Bank, being placed into receivership by the Federal Deposit Insurance Corporation, and the Bank of England subsequently announcing it intended to place SVBUK into a Bank Insolvency Procedure.

The situation was ultimately stabilised through the acquisition of SVBUK by HSBC UK Bank plc, which involved the exercise by the Bank of England of its resolution powers under the Banking Act 2009.