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’s 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.
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.
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.
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.
Chancellor said:
“The UK’s 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’s
customers with confidence.
“Today 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.
“HSBC is Europe’s largest bank, and SVB UK customers should feel
reassured by the strength, safety and security that brings them.”
