HSBC has reached an agreement to acquire the British branch of the bankrupt US Silicon Valley Bank (SVB), the government has announced.
Customers and businesses who have deposited money with SVB UK can access it as normal, as well as other banking services, a statement said.
The Treasury said no taxpayer money was involved in the deal with HSBC.
HSBC said it acquired SVB’s UK subsidiary for £1.
The deal comes after SVB – which specialized in loans to technology companies – filed for bankruptcy in the US on Friday in the largest bankruptcy of a US bank since the 2008 financial crisis.
The collapse sent shockwaves across the tech industry over the potential impact it could have on businesses, with some companies telling the BBC they could go out of business if deposits weren’t guaranteed.
