The UK Financial Conduct Authority (FCA) issued a statement on Silicon Valley Bank this morning.

The regulator notes that SVB UK remains authorized by the FCA and the PRA. The company is set to continue to operate as normal.

The full statement can be read below:

“Following events at Silicon Valley Bank, the Financial Conduct Authority (FCA) has been working closely with the Bank of England, Prudential Regulation Authority (PRA), Financial Services Compensation Scheme (FSCS) and the UK Government.

This morning, The Bank of England (Bank), in consultation with the Prudential Regulation Authority (PRA), HM Treasury (HMT) and the Financial Conduct Authority (FCA), has taken the decision to sell Silicon Valley Bank UK Limited (‘SVBUK’), the UK subsidiary of the US bank, to HSBC UK Bank Plc (HSBC).

SVBUK remains authorised by the PRA and FCA. It will operate as normal and the Bank of England and HM Treasury have confirmed depositors’ money is safe as a result of the transaction.

SVBUK customers will continue to have access to the Financial Services Compensation Scheme and Financial Ombudsman Service, and their other consumer rights are unaffected.

Customers of SVBUK can contact the bank through their usual channels”.