HSBC buys UK arm of Silicon Valley Bank for £1 – BBC News

HSBC has agreed to buy the UK arm of collapsed US Silicon Valley Bank (SVB), bringing relief to UK tech firms who warned they could go bust without help.

Customers and businesses who have money deposited in SVB UK will be able to access it as well as other banking services as normal.

The Treasury said the deal with HSBC involved no taxpayer money and the Bank of England said deposits were secure.

HSBC said it paid just £1 for the SVB’s UK arm after it failed on Friday.

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