British Finance Minister Jeremy Hunt on Sunday said that the government and Bank of England sought to 'avoid or minimize' damage from the U.K. branch of SVB.
HSBC has stepped in to purchase the U.K. arm of collapsed tech startup lender Silicon Valley bank after all-night talks.
HSBC confirmed that its U.K. ring-fenced subsidiary, HSBC UK Bank, had agreed to acquire SVB U.K. for £1 . The assets and liabilities of SVB U.K.'s parent company are excluded from the transaction. The sale, facilitated by the Bank of England in consultation with the U.K. Treasury, will protect the deposits of SVB U.K. clients, the Treasury said in a statement.
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