Rescue deal for SVB UK ‘minimises disruption to tech,’ says BoE
The British tech sector can rest a little easier tonight after the UK arm of Silicon Valley Bank (SVB) was sold to HSBC for just £1.
The intervention followed last week’s collapse of the subsidiary’s California-based parent company. The Bank of England (BoE) intervened over fears that mass withdrawals in the US would spread to the UK business.
Many of SVB UK’s 3,300 customers, which include numerous VC investors and startups, warned they would go bust if their deposits were lost. The BoE had…