In a joint statement from the UK Treasury and the Bank of England (BOE), the UK Finance Minister, Jeremy Hunt, said on Monday that the “deposits will be protected, with no taxpayer support.”

The UK authorities confirmed that HSBC bank agreed to rescue the Silicon Valley Bank’s (SVB) UK arm.

Additional takeaways

"The announcement supersedes statement that intended to mark SVB UK as insolvent."

"No other UK banks are directly materially affected by these actions."