London, March 13: The UK Treasury and the Bank of England have “facilitated the sale" of Silicon Valley Bank UK to HSBC, ensuring the security of 6.7 billion pounds (USD 8.1 billion) of deposits.

British officials worked throughout the weekend to find a buyer for the UK subsidiary of the California-based bank that failed last week. SVB Collapse: HSBC Buys British Arm of Collapsed Silicon Valley Bank, Deal Facilitated by Bank of England and UK Government.

“This morning, the government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC," Treasury chief Jeremy Hunt said in a Tweet. “Deposits will be protected, with no taxpayer support. I said yesterday that we would look after our tech sector, and we have worked urgently to deliver that promise.” HSBC said it will acquire Silicon Valley Bank UK Ltd for one pound.