US, UK try to prevent fallout from Silicon Valley Bank collapse
Headline from FOX 5 New York
The UK Treasury and the Bank of England “facilitated the sale″ of Silicon Valley Bank UK to HSBC, ensuring the security of 6.7 billion pounds ($8.1 billion) of deposits. U.S. regulators also worked all weekend to find a buyer for the bank.
FOX 5 New York's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
The U.S. and UK governments coordinated the sale of a Silicon Valley Bank subsidiary just days after the Santa Clara, California-based bank failed on Friday.
The UK Treasury and the Bank of England “facilitated the sale″ of Silicon Valley Bank UK to HSBC, ensuring the security of 6.7 billion pounds ($8.1 billion) of deposits. U.S. regulators also worked all weekend to find a buyer for the bank.
The deal would protect SVB UK depositors’ money, after the Biden administration also took steps to avert a financial system crisis in the United States.
The UK Treasury and the Bank of England have “facilitated the sale″ of Silicon Valley Bank UK to HSBC, ensuring the security of 6.7 billion pounds ($8.1 billion) of deposits.
British Finance Minister Jeremy Hunt on Sunday said that the government and Bank of England sought to “avoid or minimize” damage from the U.K. branch of SVB.
HSBC Holdings Plc is buying the UK arm of Silicon Valley Bank, the culmination of a frantic weekend where ministers and bankers explored various ways to avert the SVB unit’s collapse.
The historic failure of Silicon Valley Bank has driven governments in the UK, France, and Israel to join the U.S. in protecting firms exposed to the fallout.
The U.K. government on Monday said that HSBC Holdings has acquired the British arm of troubled U.S. tech startup-focused Silicon Valley Bank, which failed on Friday. “This morning, the Government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC Deposits will be pr…
