HSBC buys SVB UK as regulators back US deposits

Second-largest bank failure

HSBC has bought Silicon Valley Bank UK, ensuring customers of the failed US-founded institution have access to their deposits and banking services.

The news of the sale was revealed this morning by Chancellor Jeremy Hunt, who said the private sale had been facilitated jointly by the government and Bank of England, offering customers access to deposits with no taxpayer support. "I am pleased we have reached a resolution in such short order," Hunt said "HSBC is Europe's largest bank, and SVB UK customers should feel reassured by the strength, safety and security that brings them." Credit Suisse warns of further pain after biggest losses since 2008 The sale sees HSBC UK purchase SVB UK for £1, while the acquisition revealed SVB U...