By:
According to Sky News on Monday, HSBC is expected to announce next month that the UK division of Silicon Valley Bank will become HSBC Innovation Banking.
The private sale of SVB UK to HSBC in March was made possible by the British government and the Bank of England, which would secure deposits without taxpayers’ help.
Startup-focused lender SVB Financial Group became the largest bank to fail since the 2008 financial crisis. Its sudden collapse in March roiled global markets and left billions of dollars belonging to companies and investors stranded.
After Californian officials closed Silicon Valley Bank and named the Federal Deposit Insurance Corporation (FDIC) as receiver, SVB is going through bankruptcy proceedings.
The authorities then consented to support a deal that would see Silicon Valley Bank acquired by local lender First Citizens BancShares.
HSBC declined to comment on the Sky report when contacted by Reuters.
Reading More:
