SVB downfall: everything you need to know, including support and solutions
Following the collapse of Silicon Valley Bank (UK) last week, the lender was this morning sold to HSBC for £1. SVB customers can now access their deposits and banking services as normal.
The transaction was facilitated by the Bank of England, in consultation with HM Treasury, using powers granted by the Banking Act 2009 – part of the UK’s post-financial-crisis reforms.
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