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MNI BRIEF: SVB UK Arm Sold To HSBC, BOE Says

(MNI) LONDON
(MNI) London

HSBC UK Bank have bought Silicon Valley Bank UK, the Bank of England said in a statement Monday, with the decision taken after consultation with relevant regulatory bodies and the government.

The action has been taken "to stabilise SVBUK, ensuring the continuity of banking services, minimising disruption to the UK technology sector and supporting confidence in the financial system," the statement said. All depositors’ money with SVBUK is "safe and secure as a result of this transaction," the Bank of England said and SVBUK’s business will continue to be operated normally by SVBUK.

The statement supersedes the BOE’s 10 March statement that, absent any meaningful further information, it intended to apply to the Court to place SVBUK into a Bank Insolvency Procedure.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Bank of EnglandPolicy NewsCentral Bank NewsHomepageCommodities Market NewsCEEMEABank Of England (BOE) Market NewsBriefUKStoryRegion
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Bank of EnglandPolicy NewsCentral Bank NewsHomepageCommodities Market NewsCEEMEABank Of England (BOE) Market NewsBriefUKStoryRegion
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