Media caption, Watch: Jeremy Hunt: ‘We might haveactually seen some of our most crucial business cleaned out’ By Michael Race Business pressreporter, BBC News HSBC has stroked to buy the UK arm of collapsed US Silicon Valley Bank (SVB), taking relief to UK tech companies who cautioned they might go bust without aid. Customers and companies who hadactually been notable to withdraw their cash will now be able to gainaccessto it as regular. The federalgovernment and the Bank of England led the talks and worked through the night to scramble together the offer, which includes no taxpayer cash. HSBC stated it paid simply £1 for the SVB’s UK arm. Speaking to the BBC, HSBC employer Noel Quinn stated the offer hadactually been “too excellent an chance to missouton” and had madesure “a crisis in one organization did not endedupbeing a systemic crisis”. Silicon Valley Bank – which specialised in financing to innovation business – was shut down by UnitedStates regulators on Friday in what was the biggest failure of a UnitedStates bank consideringthat2008 Its collapse sentout shockwaves throughout the tech market over the possible effect it might have on companies, with some companies informing the BBC they might go bust if deposits were not protected. With fears over how companies would be able to gainaccessto money on Monday earlymorning, frenzied talks were held inbetween Chancellor Jeremy Hunt, the prime minister, the Bank of England guv, HSBC managers and civil servants to discover a option. The Bank of England stated no other UK banks hadactually been “materially impacted” by SVB’s collapse and stated the banking system stayed “safe, noise, and well capitalised”. Although the UK arm of SVB was little with simply over 3,000 company consumers, its collapse would haveactually provided a danger for a sector which the federalgovernment views as essential to the UK’s future financial success. Mr Hunt stated some of the companies just had bank accounts with SVB UK, “so for that factor we were dealtwith with a scenario where we might haveactually seen some of our most crucial business, our most tactical business, cleaned out and that would ha
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