The rescue of SVB UK by HSBC was welcomed by British government ministers, regulators and technology start-ups
HSBC bought the UK arm of Silicon Valley Bank for a symbolic one pound on Monday, rescuing a key lender for technology start-ups in Britain, as the biggest bank collapse since the financial crash continued to roil markets.
The rescue of SVB UK was welcomed by British government ministers, regulators and technology start-ups, who said customers would be able to bank as normal. Asked about HSBC’s white-knight role, Hunt said his priority had been to avoid using British taxpayers’ money. One pound is worth $1.21. “On the face of it appears a good deal,” Richard Marwood, senior fund manager and HSBC investor at Royal London Asset Management, said. “SVB lacked liquidity and depositor confidence - HSBC has both of those in spades.”
SVB UK has loans of around 5.5 billion pounds and deposits of around 6.7 billion pounds, HSBC said, adding the takeover completes immediately.Unlike the United States, Britain has not announced broader liquidity measures for the banking system.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.K. finance minister and Bank of England work to contain Silicon Valley Bank falloutMinistry of finance says that the issues affecting Silicon Valley Bank were specific to it and did not have implications for other banks operating in Britain
Read more »
Bitcoin: Fall of Silicon Valley Bank might be a silver lining for BTC, here’s whyUSDC has seen increased swaps as more Bitcoin leaves exchanges. BTC volume reaches almost a three-month high as transactions go up. Fear, uncertainty, and doubt (FUD) about Bitcoin stemming from the collapse of a single bank contributed to its downward trend earlier this week. Yet, the failure of yet another bank may have reversed the […]
Read more »
Silicon Valley Bank staff offered 45 days of work at 1.5 times pay, FDIC email showsSilicon Valley Bank imploded after depositors, concerned about the lender’s financial health, rushed to withdraw their deposits
Read more »
Circle will cover funds shortfall caused by Silicon Valley Bank collapseCircle stated that it initiated to transfer of $3.3 billion funds remaining in SVB However, the transfer was not processed as of Friday and the could be processed on Monday The stablecoin issuer has claimed it will cover funds shortfall with corporate resources Circle – the company issuing leading stablecoin, USDC – has issued another […]
Read more »
Collapse of Silicon Valley Bank causing shockwaves around the worldIt was called Silicon Valley Bank, but its collapse is causing shockwaves around the world.
Read more »
From wine country to London, Silicon Valley Bank's failure shakes worldwideIt was called Silicon Valley Bank, but its collapse is causing shockwaves around the world.
Read more »