Britain’s Treasury and the Bank of England have facilitated the sale of failed US Silicon Valley Bank UK to HSBC and secured deposits worth $8.1 billion.

UK authorities are scrambling to find a buyer for its UK subsidiary after California’s Silicon Valley Bank (SVB) failed.

Britain’s Finance Minister Jeremy Hunt tweeted, “This morning, the government and the Bank of England announced the private sale of Silicon Valley Bank UK.”

Helped HSBC do it. Deposits will be protected, cooperation will not be taken from taxpayers. HSBC said it would acquire Silicon Valley Bank UK.