HSBC purchases UK business of Silicon Valley Bank

HSBC has announced its acquisition of the UK business of Silicon Valley Bank, ending what had been described as a “nightmare” for British tech companies. The deal comes after a turbulent few years for Silicon Valley Bank, which collapsed in 2021, prompting bids from several potential buyers. HSBC emerged as the successful bidder, with the acquisition expected to provide the bank with a stronger foothold in the UK’s burgeoning tech sector. The deal has been welcomed by industry leaders, who say it will bring much-needed stability to the sector, following years of uncertainty.