HSBC Acquires Silicon Valley Bank's UK Arm for £1
The banking sector has been in dire straits owing to the back-to-back collapses of Silvergate, Silicon Valley Bank, and Signature Bank. However, with regulators stepping into the picture, customers have been relieved to a fair extent. UK Chancellor Jeremy Hunt confirmed the acquisition of Silicon Valley Bank’s UK business by HSBC on Monday, March 13. Moreover, Hunt asserted that “deposits will be protected” without the support of the taxpayers. He added, “I said yesterday that we would look after our tech sector, and we have worked urgently to deliver that promise.” This morning, the Government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC Deposits will be protected, with no taxpayer support I said yesterday that we would look after our tech sector, and we have worked urgently to deliver that promise — Jeremy Hunt (@Jeremy_Hunt) March 13, 2023 Also Read: US Says Silicon Valley Bank Depositors W...