The UK has seen off a crisis after the HSBC bank bought Silicon Valley Bank for a pound.
SVB used by thousands of tech start-ups, including many smaller vendors was shut down on Friday and many tech firms who bank with SVB feared they could go bust.
US regulators agreed a plan to protect customer deposits on Sunday, while in Blighty it was announced that HSBC is buying SVB’s UK arm.
HSBC CEO Noel Quinn stressed that SVB’s UK customers would be able to bank as usual with deposits safe.
Channel parterns said that the Bank of England and HM Treasury deserve significant credit for the private sale of SVB UK to HSBC and made sure that deposits were secured with no cost to the taxpayer.
The UK budget is delivered on Wednesday. Last week Rishi Sunak was in the press regarding making the UK a ‘tech superpower’, so many UK SVB customers not being able to process payroll would not have been a good look.
