UK seeks to tap Middle East buyer for Silicon Valley Bank

The UK government is trying to get a Middle Eastern buyer for the takeover of the British arm of Silicon Valley Bank to prevent damage spreading across the technology sector, the Financial Times reported on Sunday.

SVB UK had nearly 7 billion pounds ($8.42 billion) in deposits when the BoE deemed it insolvent on Friday, the report said, citing people familiar with the matter.

The Middle Eastern buyer is one of the leading bidders for the takeover, the report said.