HSBC has bought the UK arm of collapsed US lender Silicon Valley Bank in a last-minute rescue deal to avert a crisis in Britain’s technology sector.
The sale – for a nominal sum of £1 – was agreed after all-night talks between the Government and the Bank of England to try to secure a sale of Silicon Valley Bank UK (SVB UK) amid fears that the tech sector would have been thrown into chaos amid the fallout from the failure of the California-based lender.
