Insurtech UK welcomes the positive response from both Government and the Bank of England to facilitate a private sale of Silicon Valley Bank UK to HSBC.
We were saddened how the bank run spiralled to bring down SVB, which had done a huge amount for fledgling start up businesses across the tech ecosystem. The past few days have been an extremely challenging time for some of our members, but we are glad that a positive resolution has been found. We welcome the decisiveness in action taken by Government and the Bank of England. We equally appreciate the tireless work by civil servants over the weekend, to ensure the necessary banking services can continue for those affected both in our own community as well as the wider UK tech sector.
Clearly lessons will need to be learnt from this episode. Insurtech UK will continue to liaise closely with the Treasury and regulators on both immediate next steps and potential policy revisions.