London, Mar 13 (EFE).- The British subsidiary of the collapsed Silicon Valley Bank has been sold to HSBC in a private deal facilitated by the United Kingdom\u2019s government and the Bank of England. <\/p>\n\n\n\n
Jeremy Hunt, the UK\u2019s chancellor of the exchequer, said no taxpayer money was used in the private rescue package. <\/p>\n\n\n\n
\u201cToday the government and the Bank of England have facilitated a private sale of Silicon Valley Bank UK; this ensures customer deposits are protected and can bank as normal, with no taxpayer support,\u201d he added in a statement. <\/p>\n\n\n\n
\u201cI said yesterday that we would look after our tech sector, and we have worked urgently to deliver on that promise and find a solution that will provide SVB UK\u2019s customers with confidence.\u201d<\/p>\n\n\n\n
The London-headquartered HSBC, Europe\u2019s largest bank, in a statement said it acquired SVB UK for one pound ($1.21). <\/p>\n\n\n\n
\u201cAs at 10 March 2023, SVB UK had loans of around \u00a35.5bn and deposits of around \u00a36.7bn. For the financial year ending 31 December 2022, SVB UK recorded a profit before tax of \u00a388m. SVB UK\u2019s tangible equity is expected to be around \u00a31.4bn,\u201d it added. <\/p>\n\n\n\n
US authorities seized SVB\u2019s assets and closed the bank on Friday although said customer deposits would be protected. The shock closure came after a run on deposits.<\/p>\n\n\n\n
The bank, founded 39 years ago, worked closely with the tech and start-up sector.EFE <\/p>\n\n\n\n
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