UK brokers sale of SVB subsidiary
HSBC to buy tech lender’s UK arm for symbolic fee after BoE takes part in emergency bidding process
The Bank of England and the UK government brokered the sale of the local subsidiary of Silicon Valley Bank to HSBC.
The BoE announced the sale of SVB UK for a symbolic £1 today (March 13), three days after the firm’s US parent failed. Together with the Prudential Regulation Authority, the Financial Conduct Authority and the Treasury, the central bank held talks with several bidders over the weekend.
Prime minister Rishi Sunak, finance minister Jeremy Hunt and City of London minister Andrew
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