Silicon Valley Bank (UK) Ltd (SVB UK) was sold last week to HSBC for a symbolic £1. HSBC, 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 are now able to access their deposits and banking services as normal.
This transaction has been facilitated by the Bank of England, in consultation with the Treasury, using powers granted by the Banking Act 2009.
The deal makes use of post-crisis banking reforms, which introduced powers to safely manage the failure of banks.
See: Government and Bank of England facilitate sale of Silicon Valley Bank