LONDON — The UK Treasury and the Financial institution of England have “facilitated the sale″ of Silicon Valley Financial institution UK to HSBC, guaranteeing the safety of $8.1 billion of deposits.
British officers labored all through the weekend to discover a purchaser for the UK subsidiary of the California-based financial institution that failed final week.
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“This morning, the federal government and the Financial institution of England facilitated a personal sale of Silicon Valley Financial institution UK to HSBC,″ Treasury chief Jeremy Hunt stated in a Tweet. “Deposits shall be protected, with no taxpayer help. I stated yesterday that we might take care of our tech sector, and we’ve got labored urgently to ship that promise.”
HSBC stated it’s going to purchase Silicon Valley Financial institution UK Ltd for one pound.
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