US, UK Try to Stem Fallout from Silicon Valley Bank Collapse

A sign of a branch of the Silicon Valley Bank is pictured at an office building where the bank is located in Frankfurt, Germany, Monday, March 13, 2023.Michael Probst/AP

Governments in the UK and US took extraordinary steps to stop a potential banking crisis after the historic failure of Silicon Valley Bank, even as another major bank was shut down.

The UK Treasury and the Bank of England announced early Monday that they had facilitated the sale of Silicon Valley Bank UK to HSBC, Europe's biggest bank, ensuring the security of 6.7 billion pounds ($8.1 billion) of deposits.