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Mar 13, 2023 14:11:23 GMT
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Post by icemandios on Mar 13, 2023 14:11:23 GMT
HSBC Pays £1 For Silicon Valley Bank's UK Unit In Rescue Deal
Update (0752ET):
Banking regulators in the Western world are taking urgent action to prevent a crisis in 'confidence' from further spreading across regional banks following the collapse of Silicon Valley Bank and Signature Bank. In the US, on Sunday, the Federal Reserve, Treasury, and Federal Deposit Insurance Corporation said all deposits at SVB, including insured and uninsured, would be fully paid.
Banking regulators in the Western world are taking urgent action to prevent a crisis in 'confidence' from further spreading across regional banks following the collapse of Silicon Valley Bank and Signature Bank. In the US, on Sunday, the Federal Reserve, Treasury, and Federal Deposit Insurance Corporation said all deposits at SVB, including insured and uninsured, would be fully paid.
HSBC acquired SVB UK for the nominal sum of £1 (equivalent to $1.21 at current exchange rates). The transaction has been completed with immediate effect, and funding will be sourced from HSBC's existing resources.