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Silicon Valley Bank UK sold to HSBC for £1

Embattled lender finds buyer after weekend of talks

By Justin Cash

and

Paul Clarke
UK authorities are hoping to stop a contagion by selling the key venture capital bank to a major financial player
UK authorities are hoping to stop a contagion by selling the key venture capital bank to a major financial player Photo: Tayfun Coskun/Getty Images

HSBC has bought Silicon Valley Bank UK for just £1 in a dramatic rescue deal for the failed technology lender.

SVB UK customers will be able to access their deposits and banking services as normal, according to a government statement issued early on 13 March, after officials spent the weekend scrambling to stem the fallout from the collapse.

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