UK arm of Silicon Valley Bank sold to HSBC for £1

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. Chancellor Jeremy Hunt confirmed that all customer deposits have been protected under the deal, with no taxpayer cash involved. Around 200 UK tech companies had been put “at serious risk” from the bank’s collapse. Mr Hunt said: "Today the government and the Bank of England have facilitated a private sale of Silicon Valley Bank UK. "This ensures customer deposits are protected and can bank as normal, with no taxpayer support." Click here to subscribe to The Independent: https://bit.ly/Subscribe-to-Independent About The Independent: Making Change Happen. The Independent is the world’s most free-thinking newsbrand, providing global news, commentary and analysis for the independently-minded. Connect with The Independent: Check out our full video catalog:    / theindependent   Videos, daily editorial and more: http://www.theindy.com Click here to get the best of The Independent daily: https://www.independent.co.uk/newslet... Like The Independent on Facebook: https://www.fb.com/TheIndependentOnline Follow The Independent on Twitter:   / independent   Follow The Independent on Instagram:   / the.independent   Download the iOS & Android app: https://www.independent.co.uk/subscri... Help to support truly independent journalism. Every dollar you contribute will directly fund additional special reports and investigations from a free-thinking, award-winning newsroom you can trust - https://www.independent.co.uk/donations Subscribe to Independent Premium for exclusive content & live events: https://bit.ly/2MiOONB