The British government and the central bank, the Bank of England, have facilitated a private sale of Silicon Valley Bank UK to HSBC, according to Chancellor of the Exchequer Jeremy Hunt. He stressed that “Deposits will be protected, with no taxpayer support.”
British Government Announces Acquisition of Silicon Valley Bank UK by HSBC
HSBC has acquired Silicon Valley Bank UK (SVB UK), the British subsidiary of Silicon Valley Bank (SVB) that was shut down by U.S. regulators on Friday. British Chancellor of the Exchequer Jeremy Hunt tweeted Monday:
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This morning, the government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC. Deposits will be protected, with no taxpayer support.
In a filing with the London Stock Exchange Monday,
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