March 13, 2023

NEW YORK (AP) — Governments in the UK and U.S. took extraordinary steps to stop a potential banking crisis after the historic failure of Silicon Valley Bank, even as another major bank was shut down.

The UK Treasury and the Bank of England “facilitated the sale″ of Silicon Valley Bank UK to HSBC, ensuring the security of 6.7 billion pounds ($8.1 billion) of deposits.

British officials worked throughout the weekend to find a buyer for the UK subsidiary of the California-based bank, whose collapse was the second-largest bank failure in history.

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https://apnews.com/article/silicon-valley-bank-uk-bailout-hsbc-sale-4d2da0e9c6f39c0fd8faf321a2b295cf?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_01