SVB UK has 3,000 British clients and over the weekend 200 tech entrepreneurs and venture capitalists employing more than 10,000 people wrote to the Chancellor Jeremy Hunt
They warned that their businesses would go bust if they could not get at their funds in the bank, prompting fears of thousands of job losses and a risk that staff wages would go unpaid if their accounts remained frozen.
Their letter said: “The impact the loss of deposits would have would cripple the sector and set the ecosystem back 20 years. Many businesses will be sent into involuntary liquidation overnight.”The UK arm of SVB started as a subsidiary in 2012. Legally the two banks are separate – even though they have the same management and same parent company – which enabled the Bank of England to step in on Friday.
It’s perhaps no surprise that the government acted quickly – they would have been keen to minimise the impact on the tech sector – seen as a growth area for the UK, somewhere the government want to drive the economy, make money and create jobs.Whether his swift action is enough to make people less nervous about invest in the sector only time will tell.
The rescue package which saw HSBC buy the bank for £1 means UK customers will be able to access their deposits and banking services as normal from today.
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