Breaking news – HSBC to buy the UK arm of collapsed US Silicon Valley Bank

HSBC has struck a last-minute deal to buy the collapsed Silicon Valley Bank UK, averting a crisis that threatened chaos across Britain's tech sector.

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The British bank will buy SVB UK's business for £1 after talks over the weekend between lenders, the Treasury and start-up representatives. 

The bank had loans of around £5.5bn and deposits of around £6.7bn, and made an £88m profit last year. 

The Bank of England announced the deal this morning after talks also including the Prudential Regulation Authority, the Treasury and the Financial Conduct Authority.

 



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