13 Mar 2023

Silicon Valley Bank: HSBC buys UK arm of collapsed bank

Washington Correspondent

HSBC has bought up the UK arm of the collapsed American Silicon Valley Bank for just one pound – under a deal brokered by the government aimed at protecting UK investors and tech startups from incurring huge losses.

But in the United States – share prices have plunged on the stock market, despite efforts by President Biden to reassure people that the banking system is safe.