Jeremy Hunt hails ‘great resilience’ as HSBC rescues Silicon Valley Bank UK branch from collapse

Jeremy Hunt says HSBC’s purchase of Silicon Valley Bank UK is a “very important outcome” and praised “great resilience” in the UK’s financial system.

“A sale has been agreed... And what that means is that all those really important companies that had deposits with Silicon Valley Bank UK can access their deposits and access normal banking services as of this morning,” the chancellor said.

“It’s a very important outcome and no taxpayer’s money has been used. It’s a result of a lot of hard work.”

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