UK, Bank of England facilitate sale of SVB UK to HSBC

Britain's finance minister Jeremy Hunt said the government and the Bank of England had facilitated a private sale of the UK arm of Silicon Valley Bank to HSBC, in a move which will protect deposits without taxpayer support.

"This ensures customer deposits are protected and can bank as normal, with no taxpayer support," Hunt said. "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."