UK, Bank of England facilitate sale of SVB UK to HSBC

HSBC bought the UK arm of stricken Silicon Valley Bank for a symbolic one pound on Monday, rescuing a key lender for technology start-ups in Britain and helping curb the fallout from the biggest bank collapse since the financial crash.

The Bank of England said the wider UK banking system remained safe, sound, and well-capitalized.

"This ensures customer deposits are protected and can bank as normal, with no taxpayer support," Hunt said in a statement on Monday. "I am pleased we have reached a resolution in such short order.

"HSBC is Europe's largest bank, and SVB UK customers should feel reassured by the strength, safety and security that brings them."

Friday's dramatic failure of SVB Financial Group, which focuses on tech startups, was the biggest bank collapse in the US since the 2008 financial crisis.

It threatened to have a significant impact on British technology companies, given the importance of the lender to some customers, and more than 250 UK tech firm executives had warned that its failure posed an "existential threat" to the sector.