HSBC buys UK arm of collapsed Silicon Valley Bank in rescue deal facilitated by Bank of England and UK government *****GfOqdJiiBM
— BBC Breaking News (@BBCBreaking) March 13, 2023
HSBC has swooped to buy the UK arm of collapsed US Silicon Valley Bank (SVB), bringing relief to UK tech firms who warned they could go bust without help.
Customers and businesses who had been unable to withdraw their money will now be able to access it as normal.
The government and the Bank of England led the talks and worked through the night to scramble together the deal, which involves no taxpayer money.
HSBC said it paid just £1 for the SVB's UK arm.
Silicon Valley Bank - which specialised in lending to technology companies - was shut down by US regulators on Friday in what was the largest failure of a US bank since 2008.
https://www.bbc.com/news/business-64937251
