Abu Dhabi-based investment firm Royal Group is considering a possible takeover of the UK arm of Silicon Valley Bank (SVB) following its collapse last week, Bloomberg reported citing people familiar with the matter.
The conglomerate, chaired by the UAE's National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan, is discussing a potential buy-out through one of its subsidiaries, Bloomberg reported on Sunday.
Other firms are also said to be exploring making a bid. Clearing bank Bank of London Group Ltd. said in a statement on Sunday that it has submitted a formal proposal to the Treasury, Bank of England and the board of SVB UK. Billionaire Elon Musk, wh oowns Tesla and Twitter, also said in a recent post that he was open to the idea of buying the bank.
SVB, which focuses on tech-startups, last week became the biggest US bank failure since the 2008 financial crisis.
(Writing by Brinda Darasha; editing by Seban Scaria)