UK chancellor on HSBC buying UK branch of SVB

13 March 2023
2023-03-13 16:27

British bank HSBC has bought the UK arm of Silicon Valley Bank, ensuring the security of $8.1 billion of deposits, Chancellor Jeremy Hunt confirmed on Monday.

Hunt said the Treasury and the Bank of England worked throughout the weekend to find a buyer for the UK subsidiary of the US-based bank that failed last week.

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