The UK arm of collapsed US lender Silicon Valley Bank has been bought by HSBC after the government and Bank of England stepped in to "facilitate" a private sale.
Chancellor Jeremy Hunt confirmed that all customer deposits have been protected under the deal, with no taxpayer cash involved.
Around 200 UK tech companies had been put “at serious risk” from the bank’s collapse.
Mr Hunt said: "Today the government and the Bank of England have facilitated a private sale of Silicon Valley Bank UK. This ensures customer deposits are protected and can bank as normal, with no taxpayer support.
"I am pleased we have reached a resolution in such short order.
"HSBC is Europe’s largest bank, and SVB UK customers should feel reassured by the strength, safety and security that brings them."
