A deal has been agreed for HSBC to buy the UK arm of the failed US Silicon Valley Bank (SVB), the government has announced.
Customers and businesses who have money deposited in SVB UK will be able to access it as well as other banking services as normal, a statement said.
The Treasury said the deal with HSBC involved no taxpayer money.
HSBC said it had acquired the UK subsidiary of SVB for £1.
The deal comes after SVB – which specialised in lending to technology companies – went bust in the US on Friday in the largest failure of a US bank since the financial crisis in 2008.
Its collapse sent shockwaves across the tech industry over the possible impact it could have on businesses, with some firms telling the BBC they could go bust if deposits were not secured.
BBC
