HSBC says it has acquired Silicon Valley Bank UK
LONDON: HSBC said on Monday it is acquiring the United Kingdom subsidiary of Silicon Valley Bank for £1.
The move comes after United States authorities moved to shore up deposits and stem any wider fallout from theBritain's finance minister Jeremy Hunt also said the government and the Bank of England had facilitated the private sale - in a move which would protect deposits without taxpayer support."This ensures customer deposits are protected and can bank as normal, with no taxpayer support," Hunt said in a statement on Monday.
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