UK, Bank of England facilitates sale of SVB UK to HSBC | – #Bank #England #facilitates #sale #SVB #HSBC
LONDON, March 13 (Reuters) – Britain’s finance minister Jeremy Hunt said the government and the Bank of England would agree to close Silicon Valley Bank’s Britain facilitated the private sale of its arm to HSBC (HSBA.L). tax payer support.
The Bank of England said that the wider UK bank system is safe, sound and well capitalized.
Hunt said in a statement on Monday, “This ensures that customer deposits are protected and tax normally without the support of the payer bank can do.” “I am very glad that we reached a decision in such a short time.
“HSBC is Europe’s largest bank and SVB UK customers should be confident in the strength, safety and security it brings them.”
The dramatic failure of SVB Financial Group ( SIVB.O ), which focuses on tech startups, on Friday 20Since the ’08 financial crisis USAthe largest in bank was the collapse.
Given the importance of the lender to some customers, Britain threatened to have a significant impact on tech companies, and executives from more than 250 UK tech firms have called for its failureflour warned that it poses an “existing threat” to the sector.
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Reporting by Sarah Young; Edited by Kate Holton
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2023-03-13 12:41:19
Source – reuters
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