Silicon Valley Bank #
Headquarters: 📍Santa Clara
Size: 6870 Employees
About Silicon Valley Bank #
The UK branch of Silicon Valley Bank, known as Silicon Valley Bank UK Limited (SVBUK), underwent a significant transition following the collapse of its US parent. Established in 2004 as a branch of the US bank, SVBUK was later transformed into a standalone legal entity in August 2022. At the time of its failure, SVBUK had a total balance sheet of around £8.8 billion.
In response to the crisis, the Bank of England, in consultation with the Prudential Regulation Authority, HM Treasury, and the Financial Conduct Authority, decided to sell SVBUK. This decision led to the acquisition of SVBUK by HSBC UK Bank Plc for a nominal amount of £1, a move aimed at safeguarding the UK’s tech sector. This sale to HSBC, a major player in the European banking sector, represented a significant step in stabilizing the UK’s financial landscape, particularly in the technology and innovation sectors.