https://sputnikglobe.com/20230313/hsbc-buys-uk-branch-of-bankrupt-silicon-valley-bank-1108341359.html
HSBC Buys UK Branch of Bankrupt Silicon Valley Bank
HSBC Buys UK Branch of Bankrupt Silicon Valley Bank
Sputnik International
UK multinational universal bank group HSBC Holdings has bought the UK branch of Silicon Valley Bank (SVB) that went bankrupt last week, UK Chancellor of the Exchequer Jeremy Hunt said on Monday.
2023-03-13T12:36+0000
2023-03-13T12:36+0000
2023-03-13T12:36+0000
economy
silicon valley bank collapse
hsbc
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"This morning, the Government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC. Deposits will be protected, with no taxpayer support," Hunt wrote on Twitter. On Friday, California regulators shut down SVB, which became the largest US bank to collapse after the latest financial crisis. The US Federal Deposit Insurance Corporation (FDIC) transferred all the insured deposits from SVB to a separate institution — Deposit Insurance National Bank of Santa Clara. The collapse of SVB is connected with the increase in interest rates by the Federal Reserve System, which caused the impairment of assets on the balance sheets of many financial institutions. According to the data of the FDIC, US banks lost a total of $620 billion in 2022.
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hsbc buys silicon valley bank, hsbc buys svb, silicon valley bank collapse, svb collapse
hsbc buys silicon valley bank, hsbc buys svb, silicon valley bank collapse, svb collapse
HSBC Buys UK Branch of Bankrupt Silicon Valley Bank
MOSCOW (Sputnik) - UK multinational universal bank group HSBC Holdings has bought the UK branch of Silicon Valley Bank (SVB) that went bankrupt last week, UK Chancellor of the Exchequer Jeremy Hunt said on Monday.
"This morning, the Government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC. Deposits will be protected, with no taxpayer support," Hunt wrote on Twitter.
On Friday, California regulators shut down SVB, which became
the largest US bank to collapse after the latest financial crisis. The US Federal Deposit Insurance Corporation (FDIC) transferred all the insured deposits from SVB to a separate institution — Deposit Insurance National Bank of Santa Clara. The collapse of SVB is connected with the increase in interest rates by the Federal Reserve System, which caused the impairment of assets on the balance sheets of many financial institutions. According to the data of the FDIC, US banks lost a total of $620 billion in 2022.
