HSBC has come to the rescue of UK tech companies facing the prospect of insolvency following the collapse of Silicon Valley Bank, by buying the UK arm of the failed US tech startup lender, according to a report by the BBC.
HSBC has come to the rescue of UK tech companies facing the prospect of insolvency following the collapse of Silicon Valley Bank (SVB), by buying the UK arm of the failed US tech startup lender, according to a report by the BBC.
HSBC reportedly paid £1 to acquire both the assets and liabilities of SVB UK following all-night talks involving both the UK government and the Bank of England. The BBC says the deal involves no taxpayer money.
Customers who had been unable to withdraw funds after SVB UK’s parent company was shut down by US regulators on Friday, will now be able to access their cash as normal.
The collapse of SVB is a the biggest US banking failure since 2008 although SVB UK is a small part of the overall operation catering for just over 3,000 business customers.
