The British government and the central bank, the Bank of England, have facilitated a private sale of Silicon Valley Bank UK to HSBC, according to Chancellor of the Exchequer Jeremy Hunt. He stressed that “Deposits will be protected, with no taxpayer support.” In a filing with the London Stock Exchange Monday, HSBC stated that its U.K. subsidiary, HSBC UK Bank plc, is acquiring Silicon Valley Bank UK Ltd. for £1 ($1.22). The filing details that as of March 10, “SVB UK had loans of around £5.5bn and deposits of around £6.7bn.” (Bitcoin.com)
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HSBC Acquires Silicon Valley Bank UK — Sale Facilitated by Government, Bank of England
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