Published 1 year ago

HSBC pays £1 to rescue UK arm of Silicon Valley Bank after all-night talks

Summary by Ground News

The U.K. government on Monday said that HSBC Holdings has acquired the British arm of troubled U.S. tech startup-focused Silicon Valley Bank, which failed on Friday. HSBC confirmed that its U.K. ring-fenced subsidiary, HSBC UK Bank, had agreed to acquire SVB U.K. for £1 ($1.21). The assets and liabilities of SVB U.K.’s parent company are excluded from the transaction.

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Times of India

HSBC says it has acquired Silicon Valley Bank UK for £1

The move comes after US authorities moved to shore up deposits and stem any wider fallout from the sudden collapse of its parent, tech startup lender Silicon Valley Bank.

1 year ago·India

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BBC News

HSBC swoops in to rescue UK arm of Silicon Valley Bank

The Bank of England and government worked all night to secure a deal involving no taxpayer money.

1 year ago·United Kingdom

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News18 India

SVB Collapse: HSBC Comes To Rescue, Acquires Silicon Valley Bank's UK Unit

The move by HSBC comes after US authorities moved to shore up deposits and stem any wider fallout from the sudden collapse of its parent, tech start-up lender Silicon Valley Bank

1 year ago·India

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The Hindu

HSBC acquires British arm of stricken Silicon Valley Bank

The move comes after U.S. authorities moved to shore up deposits and stem any wider fallout from the sudden collapse of its parent, tech start-up lender Silicon Valley Bank

1 year ago·India

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The Independent

HSBC buys UK arm of Silicon Valley Bank after collapse – latest

Some 200 UK tech companies had been put at risk by collapse

1 year ago·London, United Kingdom

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Reuters

HSBC rescues British arm of stricken Silicon Valley Bank

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.

1 year ago·United Kingdom

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