British finance minister Jeremy Hunt claimed that the Bank of England and the government had enabled a private sale of Silicon Valley Bank’s UK subsidiary to HSBC in order to protect depositors without the help of taxpayers.
The overall UK banking system, according to the Bank of England, is still secure and adequately capitalised.
This guarantees that customer deposits remain safe and that banking can continue as usual without the assistance of taxpayers, according to a statement released by Hunt on Monday. “I’m glad we were able to come to a conclusion so quickly.”
Customers of SVB UK should be comforted by the strength, safety, and security that comes with HSBC being the largest bank in Europe. SVB UK was bought by HSBC for £1.
