Banking giant HSBC has stepped in to rescue the UK operations of tech sector lender Silicon Valley Bank.
Chancellor Jeremy Hunt said: “HSBC is Europe’s largest bank, and SVB UK customers should feel reassured by the strength, safety and security that brings them.”
The Bank of England added that all depositors’ money with SVB UK is safe and secure as a result of the transaction.
It added: “SVB UK’s business will continue to be operated normally by SVB UK. All services will continue to operate as normal and customers should not notice any changes.”
