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The Independent UK
The Independent UK
National
Holly Williams

HISTORICAL FACTS: Hsbc buys silicon valley bank uk in rescue deal to avoid tech sector chaos - The Untold Story

HSBC Silicon Valley Bank Silicon Valley Bank UK United Kingdom SVB UK Bank of England Jeremy Hunt Noel Quinn ​​Rishi Sunak SVB

HSBC has bought the UK arm of collapsed US lender Silicon Valley Bank in a last-minute rescue deal to avert a crisis in Britain’s technology sector.

The sale – for a nominal sum of £1 – was agreed after all-night talks between the Government and the Bank of England to try to secure a sale of Silicon Valley Bank UK (SVB UK) amid fears that the tech sector would have been thrown into chaos amid the fallout from the failure of the California-based lender.

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