Chancellor confirms HSBC deal to buy Silicon Valley Bank UK
British bank HSBC has bought the UK arm of Silicon Valley Bank, ensuring the security of £6.7 billion pounds (8.1 billion dollars) of deposits, Chancellor Jeremy Hunt confirmed on Monday. Hunt said the Treasury and the Bank of England worked throughout the weekend to find a buyer for the UK subsidiary of the US-based bank that failed last week. He said a number of the country's "most promising" companies had their money with the bank, which pushed the speedy decision-making. HSBC said it will acquire Silicon Valley Bank UK Ltd for one pound.