UK arm of Silicon Valley Bank sold to HSBC for £1

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.

“It’s the result of a lot of hard work and I also think it shows that the UK has great resilience in its financial system, that we’re able to step in with one of our biggest UK banks in a situation like this and protect a very important sector,” he said of the deal.

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