After a tense weekend of negotiations, the Bank of England announced on Monday (13 March) that HSBC would buy the UK branch of collapsed US bank Silicon Valley Bank (SVB). The acquisition, which was completed for a token amount of £1, prevents SVBUK being put into insolvency.
The Bank of England said in a statement that all depositors’ money with SVBUK is safe and secure as a result of this transaction: ‘SVBUK’s business will continue to be operated normally by SVBUK. All services will continue to operate as normal and customers should not notice any changes.’
