HSBC buys UK arm of failed Silicon Valley Bank

todayMarch 13, 2023

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HSBC has acquired the UK arm of Silicon Valley Bank (SVB), which had collapsed last Friday. SVB was known for its lending to tech firms, and its failure raised concerns of its impact on the tech industry. HSBC paid just £1 for the acquisition of SVB’s UK arm, and the deal involved no taxpayer money. The deal was made after all-night talks involving several parties, including the chancellor, the prime minister, and HSBC bosses. The UK arm of SVB had over 3,000 business customers, and its collapse would have posed a risk to the UK’s tech sector, which the government considers vital to the country’s future economic success.

Written by: Relaks Radio

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