HSBC will purchase UK subsidiary of collapsed Silicon Valley Bank

LONDON — The UK Treasury and the Bank of England have “facilitated the sale″ of Silicon Valley Bank UK to HSBC, guaranteeing the protection of $8.1 billion of deposits.

British officers labored all by means of the weekend to find a purchaser for the UK subsidiary of the California-based monetary establishment that failed ultimate week.

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“This morning, the government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC,″ Treasury chief Jeremy Hunt said in a Tweet. “Deposits will be protected, with no taxpayer support. I said yesterday that we would look after our tech sector, and we have worked urgently to deliver that promise.”

HSBC talked about it’ll purchase Silicon Valley Bank UK Ltd for one pound.