HSBC

Global banking giant HSBC Holdings is coming to rescue the United Kingdom-based branch of the collapsed Silicon Valley Bank with a new acquisition.

That would be a massive relief for tech companies, who feared an ‘existential threat‘ to their businesses if they had lost their funds at SVB UK, the Guardian reported. Global banking giant HSBC Holdings is coming to rescue the United Kingdom-based branch of the collapsed Silicon Valley Bank with a new acquisition. “As of 10 March 2023, SVB UK had loans of around 5.5 billion pounds and deposits of around 6.7 billion pounds. In a statement, HSBC says the transaction “completes immediately”. SVB UK’s tangible equity is expected to be around 1.4 billion pounds. The sale to HSBC has been taken to “stabilize SVBUK“, says the Bank of England.

LONDON: HSBC bought the United Kingdom arm of stricken Silicon Valley Bank for a symbolic £1 on Monday (Mar 13), rescuing a key lender for technology ...

SoftBank-owned lender OakNorth Bank also considered bidding, a person with knowledge of the talks told Reuters. Diaceutics had said its liquidity would be impacted. "On the face of it appears a good deal," Richard Marwood, senior fund manager and HSBC investor at Royal London Asset Management, said. That left them on track for their worst two-day drop since the Ukraine war began in February 2022. Advertisement

LONDON - HSBC bought the British arm of stricken Silicon Valley Bank (SVB) for a symbolic £1 (S$1.60) on Monday, rescuing a key lender for technology ...

Meanwhile, Canada’s banking regulator seized control of SVB’s branch in Toronto on Sunday and said it would seek a legal order to wind up the operation. Bank of London said on Sunday it had submitted a formal proposal. The branch in Canada mainly lends to corporate clients, and does not hold any commercial or retail deposits. The Bank of England said SVB UK had a total balance sheet size of around £8.8 billion. Dozens of listed British companies issued statements on Monday about their exposure to SVB UK, seeking to reassure investors, or in some cases warn them, just as news of the rescue deal was announced. “This acquisition makes excellent strategic sense for our business in the UK,” HSBC chief executive Noel Quinn said in a statement.

HSBC has acquired Silicon Valley Bank UK for £1 in an eleventh-hour deal that will protect deposits for thousands of startups across the UK.

[faced a cashflow crunch](https://www.uktech.news/news/industry-analysis/startups-survive-silicon-valley-bank-uk-disaster-20230312) on Monday after many were unable to access some or all of their funds with Silicon Valley Bank UK. [confirmed](https://www.bankofengland.co.uk/news/2023/march/statement-on-silicon-valley-bank) that “all depositors’ money with SVB UK is safe and secure as a result of this transaction”. On Sunday evening, The Bank of London, a two-year-old clearing bank, “The UK’s tech sector is genuinely world-leading and of huge importance to the British economy, supporting hundreds of thousands of jobs,” said Chancellor Jeremy Hunt. SVB UK’s “tangible equity” is expected to be around £1.4bn, HSBC added. On Friday, California-based Silicon Valley Bank collapsed in the largest bank failure since 2008 after it could not meet withdrawal demands.

HSBC Holdings is buying the UK arm of Silicon Valley Bank (SVB), the culmination of a frantic weekend where ministers and bankers explored various ways to ...

UK institution has facilitated the development of lending markets in the Middle East and Asia.

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HSBC has scooped up the UK arm of Silicon Valley Bank for £1 ($1.2), just days after its business in the United States collapsed in stunning fashion.

It also logged a pretax profit of £88 million ($106.5 million) in its last fiscal year ended December. That ultimately led to its collapse, the “This acquisition makes excellent strategic sense for our business in the UK,” he said. [concerns of contagion](https://edition.cnn.com/2023/03/12/investing/silicon-valley-bank-bailout/index.html) over the weekend, [announcing](https://edition.cnn.com/2023/03/12/investing/svb-customer-bailout/index.html) that customers of the failed bank would get access to all their money starting Monday. “I think we can all relax a bit today,” he told CNN. Uncapped is also offering longer-term bridge loans to help with working capital.

A crisis can be an opportunity for the prepared. That's what HSBC may find with its acquisition of Silicon Valley Bank's UK arm (SVBUK), announced on Monday ...

[read more](/breakingviews/china-central-bank-punts-its-succession-problem-2023-03-13/) The Bank of London, a young clearing bank that also submitted a bid, said on Monday that the HSBC deal was a missed opportunity to promote competition. HSBC boss Noel Quinn also gets a few thousand new fast-growing, technology-focused customers in Britain, as well as the chance to forge deeper banking connections with their venture-capital backers.

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

It seems the only thing wrong with SVB UK was its name. While the deal with HSBC was broadly welcomed, the Bank of London - a UK clearing bank - said it was a "missed opportunity". It had adequate capital and was making reasonable profits. Former investment banker Sir Philip Augar said the UK government and regulators had a "good weekend in actually avoiding a crisis", but warned there was an irony in the collapse of SVB just as the government was considering "slackening" regulations in the financial services industry. The rescue deal for the UK arm comes after the US agreed a rescue deal for customers in the US bank, Silicon Valley Bank - which specialised in lending to technology companies - was shut down by US regulators on Friday in what was the largest failure of a US bank since 2008.

HSBC Holdings, the new owner of Silicon Valley Bank's (SVB) UK unit, is planning to inject £2 billion (S$3.3 billion) of liquidity into the division.

HSBC UK is acquiring Silicon Valley Bank UK for a symbolic £1 after a tense weekend of negotiations in the wake of the collapse of SVB.

TOKYO -- Shares in HSBC Holdings have taken a hit following its acquisition of the U.K. operations of defunct U.S. lender Silicon Valley Bank, a deal.

HSBC's U.K.-listed shares closed down 4.1% on Monday. lender Silicon Valley Bank, a deal critics say will impact shareholder profit. HSBC's Hong Kong shares fell more than 6% at one point in Tuesday morning trading, following a 0.18% drop on Monday, the day the bank announced it had agreed to purchase Silicon Valley Bank UK for 1 pound ($1.21).

HSBC's rescue of Silicon Valley Bank UK has brought relief to its borrowers after a weekend of hasty contingency planning. But venture debt specialists are ...

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