The UK Treasury and the Bank of England have announced the successful sale of Silicon Valley Bank UK to HSBC, ensuring the security of $8.1 billion worth of deposits.
British officials worked tirelessly over the weekend to find a buyer for the UK subsidiary of the California-based bank that had failed the previous week.
The sale has been facilitated by the government and the Bank of England, without any taxpayer support.
Treasury chief, Jeremy Hunt, confirmed the sale in a tweet, stating that the government and the Bank of England had worked urgently to deliver their promise of looking after the tech sector.
HSBC has acquired Silicon Valley Bank UK Ltd for just one pound.»HSBC acquires Silicon Valley Bank«