Plans for Silicon Valley Bank UK Branch to become a subsidiary

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Plans for Silicon Valley Bank UK Branch to become a subsidiary


Silicon Valley Bank currently undertakes its banking activities in the UK through a UK Branch. As a result of the UK Branch’s continued growth, we’re making plans to become a standalone bank within the UK. This means we’ll become a wholly owned subsidiary of Silicon Valley Bank instead of a branch. To become a subsidiary, we’ll transfer our business from the current UK Branch to a new legal entity, SVBUK Ltd. SVBUK Ltd intends to change its name to Silicon Valley Bank UK Limited, following regulatory approval.

The transfer has to be approved at a High Court hearing as part of a legal process under Part VII of the UK Financial Services and Markets Act 2000. If approved, the transfer will take place and the new subsidiary will be effective from 1 August 2022.

We do not expect any material change for our clients

Day to day services for our clients will continue as normal throughout the transfer period and after the transfer they can expect to benefit from the same products and level of service that we provide today.

For more information about the changes

We’ve written to our clients about the changes and you’ll find a copy of these communications, with full details on what is happening, by clicking on the ‘Client Communication’ and ‘Your Questions Answered’ links below. You can also find details of the court-based process in the 'Key documents' section below.

Businesses that have a relationship with us, such as vendors and other counterparties, will also receive communications from us about the changes.

Key dates

23 May 2022

• The High Court provided approval to begin the Part VII process in respect of the transfer to the subsidiary.

• We wrote to our clients with full details of the changes.

Early June 2022

• Other businesses that have a relationship with us, including vendors and counterparties, received communications from us, unless we had been in contact about the changes prior to this date.

25 July 2022

• A Final Court Hearing, called a Sanction Hearing, will take place to approve the changes. We’ll confirm the result of the Final Hearing on this page soon after this date.

31 July 2022 at 23:59 hrs UK time

• The new legal entity, SVBUK Ltd, will become operational as a bank.


Get in touch

If you have no concerns or questions about the changes you don’t need to do anything. If you do have any questions or concerns about the transfer, you can contact our dedicated Client Service team in the following ways:

• Email uksubsidiaryenquiries@svb.com or complete the form at the top of this page
• Call 0800 023 2401 (+44 20 4576 9818 from outside the UK)
• Write to Silicon Valley Bank, UK Subsidiary Transfer Team, PO Box 1117, Cardiff, CF11 1UQ

You have the right to be heard by the High Court

You can do this by lodging a formal objection – you can write to the High Court, Rolls Building, Fetter Lane, London EC4A 1NL, or you can appear in person or via a legal representative (at your own cost) at the hearing on 25 July 2022.

Client communications

 
 

Notification to UK Branch clients

Click here to view the letter we sent to UK Branch clients on 23 May 2022, outlining full details of the transfer. Learn more
 

Your questions answered

A set of questions and answers, which were included in the mail pack sent to clients on 23 May 2022. Learn more

Key documents

 
 

Scheme Summary

A summary of the terms of the Scheme. Learn more
 

Formal Notice

Formal notice of the Court Hearing to approve the transfer. Learn more
 

Full Scheme Document

A copy of the full terms of the Scheme. Learn more