• HSBC will take over the UK arm of failed Silicon Valley Bank, another move to avert a potential banking crisis, reports AP, according to PTI
• Britain's finance minister Jeremy Hunt said the country's banking system is extremely secure, adding that the rescue of SVB's UK arm was necessary to help protect some of the UK's most strategic tech companies, reports Reuters. "The UK banking system is extremely secure, it's well capitalised," he told reporters.

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