The sale, announced Monday, was facilitated by the U.K. government under “resolution” powers designed to wind-up failing lenders without destabilizing the financial system.
“Deposits will be protected, with no taxpayer support,” finance minister Jeremy Hunt tweeted Monday, adding that he had worked urgently to look after the country's tech sector.
Late Friday night, the Bank of England tweeted that SVB U.K. would be put into insolvency, but that the lender had a limited presence in the country.
U.S. regulators on Sunday said that SVB depositors would be made whole and be able to access funds as of Monday, as they seek to stop the biggest bank failure since 2008 from undermining confidence in the financial system.