HSBC Buys U.K. Arm of SVB. Global Regulators Are Pitching In.

HSBC the biggest bank in Europe, agreed to buy the U.K. unit of Silicon Valley Bank in a deal brokered by the British government and the Bank of England.

“The U.K.’s tech sector is genuinely world-leading and of huge importance to the British economy,” said Chancellor of the Exchequer Jeremy Hunt in a statement. “This ensures customer deposits are protected and can bank as normal, with no taxpayer support.”