LONDON (AP) — Britain’s Treasury and the Bank of England have “facilitated the sale” of Silicon Valley Bank UK to HSBC, providing security for 6.7 billion pounds ($8.1 billion) in deposits.
British authorities worked over the weekend to find a buyer for the California-based subsidiary of the bank, which went bankrupt last week.
“This morning the government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC,” Treasury Chief Jeremy Hunt said in a tweet. “Deposits will be protected, without taxpayer support. I said yesterday that we would take care of our technology sector and we have worked urgently to keep this promise.
HSBC said it would buy Silicon Valley Bank UK Ltd. for a pound.