HSBC has agreed to purchase the UK arm of collapsed US Silicon Valley Financial institution (SVB), bringing aid to UK tech companies who warned they may go bust with out assist.
Prospects and companies who’ve cash deposited in SVB UK will have the ability to entry it in addition to different banking companies as regular.
The Treasury mentioned the cope with HSBC concerned no taxpayer cash and the Financial institution of England mentioned deposits have been safe.
HSBC mentioned it paid simply £1 for the SVB’s UK arm after it failed on Friday.
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