The HSBC bank logo is seen in the Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo
May 29 (Reuters) – HSBC (HSBA.L) is set to announce next month that the UK arm of Silicon Valley Bank will be renamed HSBC Innovation Banking, Sky News reported on Monday.
The British government and the Bank of England facilitated a private sale of SVB UK to HSBC in March, in a move which would protect deposits without taxpayer support.
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.
SVB is undergoing bankruptcy proceedings after California's regulators shuttered Silicon Valley Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
The regulators then agreed to backstop a deal for regional lender First Citizens BancShares (FCNCA.O) to acquire Silicon Valley Bank.
HSBC declined to comment on the Sky report when contacted by Reuters.
Read Next
- Rates & BondsIn the Market: Amid the calm, the Fed brews the next stormMay 29, 2023
- WorldAnalysis: Small investors are souring on China's recovery3:57 AM UTC . Updated undefined ago
- FinanceIndia RBI chief flags governance gaps, stressed assets misreporting at some banksMay 29, 2023
- MarketsDebt deal welcomed by investors, though risks loomMay 29, 2023
