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HSBC Holdings plc announces that its UK ring-fenced subsidiary, HSBC UK Bank plc, is acquiring Silicon Valley Bank UK Limited (SVB UK) for £1.
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They warned of "an existential threat to the UK tech sector", adding: "The Bank of England's assessment that SVB going into administration would have limited impact on the UK economy displays a dangerous lack of understanding of the sector and the role it plays in the wider economy...
Silicon Valley Bank has had a presence in the UK since 2004 through its affiliate SVB Financial Group UK Limited, providing access to financing solutions for some of the highest profile and fastest growing UK-based technology companies: The Foundry, Shazam, Icera, Mimecast and Adconion, for exam...
The British arm of Silicon Valley Bank (SVB UK) has seen hundreds of millions of pounds of deposit inflows in the wake of its £1 rescue takeover by HSBC. Sky News understands thatSVB UK's deposit base now stands at over £7bn - 10 days after Europe's biggest lender agreed t...
HSBC announced it willacquire Silicon Valley Bank's U.K. subsidiaryfor 1 pound ($1.21),according to a filing. HSBC Group CEO Noel Quinn said, "This acquisition makes excellent strategic sense for our business in the UK. It strengthens our commercial banking franchise and enhances our ability ...
This is a modal window. undefined OK Close Modal Dialog President Biden has tried to reassure the US that the country's financial system is safe after Silicon Valley Bank collapsed.Why you can trust Sky News Watch Next Is Trump more king than president? Mike Waltz's exit confirmed UK ...
The U.K. also moved quickly, working throughout the weekend to arrange the sale of Silicon Valley Bank UK Ltd., the California bank’s British arm, for the nominal sum of one pound. While the bank is small, with less than 0.2% of U.K. bank deposits according to central bank statisti...
Banking stocks up as Silicon Valley Bank acquired by First Citizen Bank It has a £4.7bn loan book and has lent over £10bn during its existence. One insider said it was now working to find a solution to support SVB UK's clients and the wider tech sector, which has bee...