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On Sunday, a consortium of investors led by The Bank of London, a clearing bank, submitted a formal bid to buy SVB UK.

British clearing bank The Bank of London is considering a rescue bid for the UK arm of collapsed U.S. bank Silicon Valley Bank , Sky News reported on Saturday.

A consortium of investors led by The Bank of London, a clearing bank, said it had submitted a formal bid.

Sky News had reported earlier on Saturday that a British clearing bank, the Bank of London, was considering a rescue bid for the UK arm of SVB.

Former senior U.S. sanctions officials, however, said this confidence was misplaced as the dollars would still have to ultimately go through a U.S. clearing bank in order to convert them.