Bank, embroiled with lies, could go under (8)

I believe the answer is:

sinkable

'could go under' is the definition.
(able to be sunk)

'bank embroiled with lies' is the wordplay.
I cannot really understand how this works, but
an anagram of 'bank' is 'nkab' which is located in the answer.
an anagram of 'lies' is 'sile' which is present in the left over letters.
This accounts for all the letters.
This explanation may well be incorrect...

(Another definition for sinkable that I've seen is " Not like the Titanic was believed to be".)

I've seen this clue in The Guardian.

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