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Following the announcements made by regulatory authorities, UK Finance has been working with our members, the government and regulators as part of the response to Silicon Valley Bank UK.
The government and the Bank of England have today (13 March) announced that Silicon Valley Bank UK has been sold to HSBC UK Bank Plc.
HM Treasury’s statement says that customers of Silicon Valley Bank UK will be able to access their deposits and banking services as normal from today.
The Bank of England’s statement says no other UK banks are directly materially affected by these actions, or by the resolution of Silicon Valley Bank UK’s US parent bank. The wider UK banking system remains safe, sound, and well capitalised.
The HM Treasury announcement is available here: https://www.gov.uk/government/news/government-and-bank-of-england-facilitate-sale-of-silicon-valley-bank-uk
The Bank of England announcement is available here: https://www.bankofengland.co.uk/news/2023/march/statement-on-silicon-valley-bank
13.03.23
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