London, March 13: The UK Treasury and the Bank of England have โ€œfacilitated 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.ย SVB Collapse: HSBC Buys British Arm of Collapsed Silicon Valley Bank, Deal Facilitated by Bank of England and UK Government.

โ€œThis 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. โ€œDeposits 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.โ€ HSBC said it will acquire Silicon Valley Bank UK Ltd for one pound.