SVB Financial Group UK Limited - administration

SVB Financial Group UK Limited, a London-based company affiliated with the collapsed Silicon Valley Bank, entered administration on 2 May. Since 2004 SVB has financed some of the highest profile and fastest growing UK-based technology companies. In the wake of the bank's March collapse, HSBC stepped in to purchase Silicon Valley Bank UK Limited for £1, protecting the UK company's deposit base of approximately £6.7 billion. Graham Bushby and Nick Edwards of RSM were appointed joint administrators of SVB Financial Group UK Limited.