Silicon Valley Bank UK sold to HSBC

The UK arm of collapsed US lender Silicon Valley Bank has been bought by HSBC after the Government and Bank of England stepped in to ‘facilitate’ a private sale. (Jeff Chiu/AP)

The UK arm of collapsed US lender Silicon Valley Bank has been bought by HSBC after the British government and Bank of England stepped in to “facilitate” a private sale.

British Chancellor Jeremy Hunt confirmed that all customer deposits have been protected under the deal, with no taxpayer cash involved.