HSBC buys Silicon Valley Bank UK

HSBC has bought the embattled UK arm of Silicon Valley Bank (SVBUK), securing the deposits of more than 3,000 customers worth £7bn.

Confirming a story broken on Monday by Sky's City editor Mark Kleinman, the Bank of England, which had been preparing to bring the bank into an insolvency process, said all depositors' money with SVBUK was safe and secure as a result of the purchase.

All SVBUK services will continue to operate as normal and customers should not notice any changes, the statement said.