LONDON — The UK Treasury and the Bank of England have “facilitated the sale″ of Silicon Valley Bank UK to HSBC, ensuring the safety of $8.1 billion of deposits.
British officials worked throughout the weekend to seek out a buyer for the UK subsidiary of the California-based bank that failed last week.
“This morning, the federal government and the Bank of England facilitated a personal sale of Silicon Valley Bank UK to HSBC,″ Treasury chief Jeremy Hunt said in a Tweet. “Deposits can be protected, with no taxpayer support. I said yesterday that we’d take care of our tech sector, and we’ve worked urgently to deliver that promise.”
HSBC said it can acquire Silicon Valley Bank UK Ltd for one pound.