Here\u2019s the HM Treasury statement:<\/p>\n
Silicon Valley Bank (UK) Ltd has today been sold to HSBC. HSBC is headquartered in London, is the largest bank in Europe and is one of the world\u2019s largest banking and financial services institutions, serving 39 million customers globally. Customers of SVB UK will be able to access their deposits and banking services as normal from today.
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This transaction has been facilitated by the Bank of England, in consultation with the Treasury, using powers granted by the Banking Act 2009. No taxpayer money is involved, and customer deposits have been protected.<\/p>\n
Making use of post-crisis banking reforms, which introduced powers to safely manage the failure of banks, this sale has protected both the customers of SVB UK and taxpayers.<\/p>\n
The UK has a world leading tech sector, with a dynamic start-up and scale-up ecosystem and the government is pleased that a private sector purchaser has been found.<\/p>\n
Chancellor Jeremy Hunt said:<\/p>\n
\u201cThe UK\u2019s tech sector is genuinely world-leading and of huge importance to the British economy, supporting hundreds of thousands of jobs. I said yesterday that we would look after our tech sector, and we have worked urgently to deliver on that promise and find a solution that will provide SVB UK\u2019s customers with confidence.<\/p>\n
\u201cToday 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.<\/p>\n
\u201cHSBC is Europe\u2019s largest bank, and SVB UK customers should feel reassured by the strength, safety and security that brings them.\u201d<\/p>\n
HM Treasury and The Rt Hon Jeremy Hunt MP
\nPublished
\n13 March 2023
\nSource: https:\/\/www.gov.uk\/government\/news\/government-and-bank-of-england-facilitate-sale-of-silicon-valley-bank-uk<\/p>\n","protected":false},"excerpt":{"rendered":"