Chinanews.com, March 13th (Chinanews Finance and Economics Peng Jingru) The collapse of the Silicon Valley Bank in the United States was like a butterfly flapping its wings, causing waves across the Atlantic in Britain.

According to foreign media reports, more than 250 CEOs of British technology companies wrote to the British Chancellor of the Exchequer Hunt on the 11th, saying that the news of the bankruptcy of Silicon Valley Bank means that the British technology industry is facing an "existential threat."

  The Bank of England announced on Friday that the UK subsidiary of Silicon Valley Bank (SVB UK) would enter insolvency following actions taken by its US parent company, the UK Treasury said in a statement.

The UK government is working on financing solutions to help Silicon Valley Bank's hundreds of UK-based clients meet their cash flow obligations.

  Under the impetus of the British government and the Bank of England (Bank of England), the "one pound to buy SVB UK" deal is about to land.

Screenshot of British Chancellor of the Exchequer Jeremy Hunt's tweet.

  British Chancellor of the Exchequer Jeremy Hunt (Jeremy Hunt) posted on social platforms on the 13th: "The (UK) government and the Bank of England this morning facilitated the sale of the UK subsidiary of Silicon Valley Bank to HSBC. Taxpayers will not pay for it. This (Silicon Valley bank collapse) pays the bill."

Screenshot of HSBC Holdings announcement.

  HSBC Holdings announced on the same day that HSBC UK Bank, a British subsidiary of HSBC Holdings, has agreed to acquire SVB UK for £1.

Tangible assets of SVB UK are expected to be approximately £1.4 billion, with assets and liabilities of SVB UK's parent company excluded from the transaction.

The announcement showed that as of March 10, SVB UK had approximately £5.5 billion in loans and approximately £6.7 billion in deposits.

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