The UK mandates that a bank serving UK depositors must do so through a ring-fenced entity. Explanatory link here: https://uk.practicallaw.thomsonreuters.com/w-0

The UK mandates that a bank serving UK depositors must do so through a ring-fenced entity. Explanatory link here: https://uk.practicallaw.thomsonreuters.com/w-008-0211?transitionType=Default&contextData=(sc.Default)#co_anchor_a777799 https://uk.practicallaw.thomsonreuters.com/w-008-0211?transi... Relevant quote: “UK banks with GBP25 billion or more in "core deposits" are required to ring-fence their retail and small and medium sized enterprise deposit-taking business into a legally, operationally and economically separate ring-fenced body (RFB). An RFB is prohibited from certain activities such as dealing in complex derivatives, principal and commodity trading activities and operating branches and subsidiaries outside the UK and the EEA.” SVB-UK is RFB setup by SVB in the US as a (presumably wholly-owned) subsidiary of the parent company. The Companies House entry for them is here: https://find-and-update.company-information.service.gov.uk/company/12546585 https://find-and-update.company-information.service.gov.uk/c...