It seems to be a neat solution to a worrying few days for London’s vital tech industries. HSBC has bought the UK subsidiary of Silicon Valley Bank (SVB) following its collapse on Friday. SVB, which specialised in providing loans to technology firms, was closed down by US regulators last week in the most significant failure of a US bank since the global financial crisis.
The announcement of the deal is likely to come as a relief to the UK tech sector, as much as 30 per cent of which had accounts with SVB, according to internal Treasury estimates. London would have been particularly damaged by its collapse.
