Shock Move from HSBC: Bought the Collapsed Bank!

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silvergate, Silicon Valley The banking industry has had a tough time as Bank and Signature Bank collapsed one after the other. However, with the intervention of regulatory agencies, customers were relieved to some extent.

British Prime Minister Jeremy Hunt confirmed on Monday (March 13th) that Silicon Valley Bank’s UK business has been acquired by HSBC. Hunt also argued that “deposits would be protected” without taxpayer support.

“I said yesterday that we will take care of our technology sector, and we urgently worked to deliver on that promise.”

Koinfinans.com As we reported, Chief Executive Officer Noel Quinn said in a statement regarding the latest sale.

“This acquisition makes perfect strategic sense for our UK business. It strengthens our commercial banking franchise and increases our ability to serve innovative and fast-growing firms in the UK and internationally, including the technology and life sciences sectors.”

It also stated that SBV UK customers can continue to bank “as usual”. On the other hand, he stated that his deposits are supported by HSBC.

HSBC, Silicon Valley Bought Bank’s UK Arm for £1

HSBC UK Bank has acquired the UK arm of SVB for £1. This means approximately $1.21. The sale was facilitated by the Bank of England in consultation with the UK Treasury.

Silicon Valley Bank’s collapse has left more than 200 UK firms unable to pay their staff. In addition, the country’s treasury said it wanted to “minimize the loss of some of our most promising companies in the UK” following last week’s collapse. So, the latest move looks like a step in that direction.


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