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Birmingham Post
Birmingham Post
Business
Jon Robinson

THG and musicMagpie move to reassure investors as Silicon Valley Bank's UK arm is sold to HSBC

HSBC Silicon Valley Bank musicMagpie THG SVBUK United States Jeremy Hunt United Kingdom SVB Decluttr

THG and musicMagpie have moved to reassure investors as a deal was agreed for HSBC to acquire the UK arm of collapsed US lender Silicon Valley Bank.

The deal was announced this morning (Monday, March 13) after the Government and Bank of England stepped in to "facilitate" a private sale.

It came 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.

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