HSBC SVB

2023 - 3 - 13

HSBC buys Silicon Valley Bank UK, protecting deposits (CNBC)

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 ...

Treasury and the Prudential Regulation Authority at the Bank of England. "This is a unique opportunity to ensure the U.K. banks are "directly materially affected by these actions, or by the resolution of SVBUK's U.S. Treasury, will protect the deposits of SVB U.K. has a more diversified banking sector, whilst allowing continuity of service to SVB's U.K. Hunt had on Sunday said that the U.K. - A consortium of private equity firms had also submitted a formal acquisition proposal to the U.K. had loans of around £5.5 billion and deposits of around £6.7 billion, with £88 million of full-year profit before tax in 2022, HSBC highlighted in the Monday statement. [Friday failure of its U.S. "SVB U.K. ring-fenced subsidiary, HSBC UK Bank, had agreed to acquire SVB U.K. HSBC confirmed that its U.K.

HSBC rescues British arm of stricken Silicon Valley Bank (Reuters)

HSBC bought the UK arm of stricken Silicon Valley Bank for a symbolic one pound on Monday, rescuing a key lender for technology start-ups in Britain and ...

Bank of London said on Sunday it had submitted a formal proposal. Diaceutics [(DXRX.L)](https://www.reuters.com/companies/DXRX.L) had warned 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. SVB UK is ringfenced from the U.S. Others had also examined buying the bank. group, and HSBC said the assets and liabilities of the parent company were excluded from the transaction. The Bank of England said SVB UK had a total balance sheet size of around 8.8 billion pounds. authorities moved to shore up deposits](/business/finance/regulators-urged-find-silicon-valley-bank-buyer-industry-frets-about-fallout-2023-03-12/) and stem any wider contagion from the sudden collapse of its parent Silicon Valley Bank [(SIVB.O)](https://www.reuters.com/companies/SIVB.O). It said deposits at the bank were safe as a result of the sale, and that the wider banking system was safe. Register for free to Reuters and know the full story [(HSBA.L)](https://www.reuters.com/companies/HSBA.L) bought the UK arm of stricken Silicon Valley Bank for a symbolic one pound on Monday, rescuing a key lender for technology start-ups in Britain and helping curb the fallout from the biggest bank collapse since the financial crash. [said it had organised the sale](said it conducted the sale) to underpin confidence in the financial system and minimise any fallout for British technology firms.

HSBC Buys SVB's UK Unit for £1 in Reprieve for Tech Sector (Bloomberg)

HSBC Buys SVB's UK Unit for £1 in Reprieve for Tech Sector · Transaction 'completes immediately,' HSBC says in statement · Bank of England says all SVB deposits ...

HSBC acquires British arm of stricken Silicon Valley Bank for £1 (CNA)

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

HSBC swoops in as SVB's white knight, buys collapsed bank's UK ... (South China Morning Post)

SVB UK, which entered the UK in 2004 to serve tech clients and start-ups, had loans of around £5.5 billion and deposits of around £6.7 billion as of Friday.

HSBC buys UK arm of stricken Silicon Valley Bank for £1 (The Straits Times)

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.

Silicon Valley Bank's U.K. arm to be acquired by HSBC for just over $1 (The Washington Post)

The deal would protect SVB UK depositors' money, after the Biden administration also took steps to avert a financial system crisis in the United States.

regulators shut down SVB on Friday, in what amounted to the second-biggest bank collapse in U.S. The British government, the Bank of England and British financial regulators had been searching for days for a buyer for SVB’s U.K. The U.K. start-ups are particularly reliant on the bank for financing but found themselves in uncertain waters after U.S. The Bank of England said it approved the sale “to stabilise SVBUK,” ensure “the continuity of banking services,” minimize “disruption to the UK technology sector” and bolster “confidence in the financial system.” The deal excludes all assets and liabilities of the parent company, SVB.