Emirati sheikh plans to buy collapsed Silicon Valley Bank - report
The report comes hours after the UK branch of the failed bank was bought by HSBC for a nominal £1 ($1.2)
Royal Group, an investment firm controlled by an influential member of the Abu Dhabi royal family, plans to buy American Silicon Valley Bank (SVB) following its collapse last week, Israeli media reported on Monday.
The conglomerate, chaired by UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan, is exploring the possibility of a takeover through one of its subsidiaries, according to sources, who have asked not to be identified due to the privacy of the discussions.
No final decision has been made yet. Representatives for the Royal Group did not officially comment on the matter.
The report comes hours after the UK branch of the failed bank was bought by HSBC for a nominal £1 ($1.2) in a rescue deal overseen by the Bank of England and British government. The SVB collapse on Friday sparked panic in Britain and in many other countries including Israel, prompting the U.S. administration to introduce emergency measures. Despite that, European stock markets fell deeper into the red on Monday loosing 2 percent while banks slide 4 percent.