Banking giant HSBC has bought the UK arm of collapsed US lender Silicon Valley Bank 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, and that no taxpayer cash was involved. The deal comes after the American authorities moved to stop a potential banking crisis after the historic failure of Silicon Valley Bank, amid fears that the factors that caused the Santa Clara, California-based bank to fail could spread.
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.
