Banking giant HSBC has announced a takeover of the UK subsidiary of Silicon Valley Bank (SVB) after the U.S. bank failed last week, triggering concerns about the falloff affecting the UK’s tech sector.
Santa Clara-based SVB failed on March 10, with California regulators ordering the firm to shut down and appointing the Federal Deposit Insurance Corporation (FDIC) as the receiver.
On March 11, the Bank of England (BoE), the UK’s central bank, announced that SVB UK would enter insolvency.
The UK’s Chancellor of the Exchequer Jeremy Hunt warned that a collapse of SVB UK would pose serious risks to the country’s technology and life sciences sector, many of which bank with SVB….