HSBC has acquired Silicon Valley Bank (UK) Ltd, headquartered in London, Europe’s largest bank and one of the world’s largest banking and financial services institutions. Customers of SVB UK can access their deposits and banking services as usual from today, with no taxpayer money involved and customer deposits protected.
The Bank of England facilitated this sale, using the powers granted by the Banking Act 2009 to ensure the safe management of banks in the post-crisis banking reforms. This sale protects both customers of SVB UK and taxpayers and highlights the importance of the UK’s tech sector and dynamic start-up and scale-up ecosystem.
The Chancellor, Jeremy Hunt, stated that the government had worked urgently to deliver a solution that will provide confidence to SVB UK’s customers, who can now bank as normal without taxpayer support. HSBC’s acquisition of SVB UK brings strength, safety, and security to its customers.