Business

HSBC to rename British arm of Silicon Valley Bank next month- Sky News

The HSBC bank logo is seen at their offices in the Canary Wharf financial district in LondonThe 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.

  • Rates & BondscategoryIn the Market: Amid the calm, the Fed brews the next stormMay 29, 2023
  • WorldcategoryAnalysis: Small investors are souring on China's recovery3:57 AM UTC . Updated undefined ago
  • FinancecategoryIndia RBI chief flags governance gaps, stressed assets¬†misreporting at some banksMay 29, 2023
  • MarketscategoryDebt deal welcomed by investors, though risks loomMay 29, 2023

Source reuters.com

Related posts

Brazil transition team asks Bolsonaro govt to halt Petrobras asset sales

Cynthia Danforth

Boeing 767 freighter, KC-46 tanker face delivery snags due to fuel tank problem

Cynthia Danforth

Mexico’s TV Azteca to appeal second ruling on tax dispute bill

Cynthia Danforth

Leave a Comment