March 12 (Reuters) – Bank of London, a clearing bank, has submitted a formal proposal for the UK subsidiary of Silicon Valley Bank, it said in a statement on Sunday.

“A consortium of leading private equity firms, led by The Bank of London, confirms it has submitted formal proposals to His Majesty’s Treasury, The Prudential Regulation Authority at The Bank of England and the Board of Silicon Valley Bank UK,” the statement said.

Reporting by Akriti Sharma in Bengaluru, Editing by William Maclean