If we want our country to succeed, we need to do what we’ve always done and embrace new technologies, and the people and culture that creates them. What really matters for economic success – is innovation. Because the biggest lesson I took from my time in California still guides me now. I will always be on the side of entrepreneurs, innovators, young people inventing the future. I’m often painted as some kind of tech geek. No taxpayer money is involved, and customer deposits have been protected. This transaction has been facilitated by the Bank of England, in consultation with the HM Treasury and Jeremy Hunt, using powers granted by the Banking Act 2009. HSBC is headquartered in London, is the largest bank in Europe and is one of the world’s largest banking and financial services institutions, serving 39 million customers globally. That’s because Silicon Valley Bank has been sold to HSBC. The good news is, customers of SVB UK will be able to access their deposits and banking services as normal from today. I am pleased to be able to say we have reached a resolution. We have worked urgently over the weekend, listening to stakeholders and developing an appropriate solution to provide Silicon Valley Bank UK customers with confidence and security.
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