When Silicon Valley Bank fails, HSBC will purchase its London branch. 2023

Silicon Valley Bank UK’s “sale” to HSBC was “facilitated” by the UK Government and the Bank of England, which ensured the safety of deposits totaling 6.7 billion pounds ($8.1 billion). Officials from the United Kingdom spent the whole weekend working to locate a buyer for the United Kingdom branch of the bank that was headquartered in California and which collapsed the previous week. Treasury head Jeremy Hunt stated in a tweet that the government and the Bank of England had helped arrange the private sale of Silicon Valley Bank UK to HSBC. “Deposits will be protected, and no help from taxpayers will be required. The day before yesterday, I promised that we would watch out for our technological industry, and since then, we have been working very hard to make good on that commitment. According to HSBC’s announcement, the company would purchase Silicon Valley Bank UK Limited for one pound.