HSBC

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.

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.

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.

(Bloomberg) -- The UK government cleared the way for HSBC Holdings Plc to buy the British arm of Silicon Valley Bank by waiving certain restrictions on what ...

The sale to HSBC was agreed “without the use of any public funds,” Griffith wrote. It was part of the government’s response to the global financial crisis in 2008 and was aimed at protecting UK retail banking from shocks emanating from elsewhere. He later told Bloomberg TV that neither the government nor the Bank of England gave HSBC any guarantees.

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.

HSBC has acquired collapsed Silicon Valley Bank's UK unit for £1, in a symbolic move to rescue the tech lender following the biggest bank collapse since the ...

The author has no securities or affiliations related to the organizations discussed. The author holds no licenses. “This acquisition makes excellent strategic sense for our business in the UK,” explained HSBC CEO Noel Quinn in a statement.

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.

Chief Executive Officer Noel Quinn and Ian Stuart, the head of HSBC UK, told London tech investors on a call Monday that the bank would commit billions of ...

The bank didn’t clarify whether it would run its new acquisition as a standalone division or keep the SVB brand. The unit had loans of around £5.5 billion ($6.7 billion) and deposits of around £6.7 billion as of March 10, according to HSBC’s statement. “We were hugely reassured,” she said.

(Bloomberg) -- HSBC has emerged as a white knight for the UK arm of Silicon Valley Bank, which collapsed at the end of last week. The deal, for a nominal £1 ...

Lender OakNorth also engaged in detailed discussions about an offer, according to a person familiar with the matter. (Bloomberg) -- HSBC has emerged as a white knight for the UK arm of Silicon Valley Bank, which collapsed at the end of last week. Hunt is expected to unveil measures to cut labor inactivity and boost business investment to spur UK economic growth.

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.

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).