Sale of SVB UK ‘minimises disruption to British tech,’ says Bank of England

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 initially planned to put the bank into insolvency, which would have only guaranteed protection for deposits worth…

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