In response to the announcements made by regulatory authorities regarding Silicon Valley Bank UK, the AFB would like to share the following update.
The Bank of England (Bank), in consultation with the Prudential Regulation Authority (PRA), HM Treasury (HMT) and the Financial Conduct Authority (FCA), has taken the decision to sell Silicon Valley Bank UK Limited (‘SVBUK’), the UK subsidiary of the US bank, to HSBC UK Bank Plc (HSBC). HSBC is authorised and supervised by the PRA and the FCA. This action has been taken to stabilise SVBUK, ensuring the continuity of banking services, minimising disruption to the UK technology sector and supporting confidence in the financial system.
Further information can be found below:
AFB will be following developments closely and will share further updates on this page in due course.
Should any AFB member have any questions or concerns regarding this situation, please email email@example.com