The Bank of England (BoE) has announced that Silicon Valley Bank UK Limited (SVB UK) will be sold to HSBC UK Bank Plc (HSBC). This is being carried out under the aegis of the Special.
On Monday March 13, 2023, the Bank of England announced that Silicon Valley Bank UK Limited has been sold to HSBC UK Bank Plc. The situation remains fluid, and the following Q&A.
Silicon Valley Bank, closed Friday, March 10, 2023 by California Department of Financial Protection & Innovation. Federal Deposit Insurance Corporation was appointed as receiver. Treasury Dept, Federal Reserve, FDIC issues Joint Statement on SVB FDIC receivership.
CA Department of Financial Protection appointed FDIC as receiver for Silicon Valley Bank. SVB is California bank subsidiary of SVB Financial Group, and member of FDIC and FRS. To protect insured depositors, FDIC created DINB and immediately transferred insured SVB deposits.
The Government and the Bank of England have facilitated a private sale of Silicon Valley Bank UK to HSBC, with no taxpayer support , Chancellor Jeremy Hunt said today.