繁体中文  
 
版主:黑木崖
 · 九阳全新免清洗型豆浆机 全美最低
 
HSBC buys SVB’s UK biz for free,‘nightmare’ended
送交者:  2023年03月13日21:02:16 于 [世界军事论坛] 发送悄悄话

HSBC buys SVB’s UK business, ending ‘nightmare’ for British tech

Hong Kong/LondonCNN — 

HSBC has scooped up the UK arm of failed Silicon Valley Bank, securing the deposits of thousands of British tech firms that hold money at the lender.

Had a buyer not been found, SVB UK would have been placed into insolvency by the Bank of England following the stunning collapse of its parent in the United States. Insolvency would have left customers with only deposits worth up to £85,000 ($100,000) — or £170,000 ($200,000) for joint accounts — guaranteed.

In a statement, the central bank said it “can confirm that all depositors’ money with SVB UK is safe and secure as a result of this transaction.”

HSBC, Europe’s biggest bank, announced the £1 ($1.2) deal early Monday morning, saying it would be effective “immediately.”

The acquisition should “end the nightmare thousands of tech firms had been experiencing over the past few days,” Susannah Streeter, head of money and markets at investing platform Hargreaves Lansdown, said in a statement.

SVB UK is a major bank partner for Britain’s tech sector, and the failure of its parent sent tech executives scrambling to work out how to get their cash out to pay staff and cover operating expenses.

The HSBC rescue is “fantastic news” for the UK startup ecosystem, said Piotr Pisarz, the CEO of Uncapped, a financial tech startup that lends to other startups. “I think we can all relax a bit today,” he told CNN.

Uncapped had launched an emergency funding program Saturday to help companies meet payroll and other obligations. It had received “hundreds” of applications from UK and US firms by Monday, according to Pisarz, who said it remained ready to support firms affected by the SVB collapse. Uncapped is also offering longer-term bridge loans to help with working capital.

Pisarz said startup companies would likely look to diversify their banking relationships because of this event. It was an “unhealthy situation” to have around half of Britain’s startup ecosystem banking with a single institution, he added.

In a statement, HSBC CEO Noel Quinn said the acquisition meant that “SVB UK customers can continue to bank as usual, safe in the knowledge that their deposits are backed by the strength, safety and security of HSBC.”

“This acquisition makes excellent strategic sense for our business in the UK,” he said. “It strengthens our commercial banking franchise and enhances our ability to serve innovative and fast-growing firms, including in the technology and life science sectors, in the UK and internationally.”

Bank stocks slide

HSBC’s London-listed shares fell after market open and were 3.6% lower in morning trading. The Stoxx Europe 600 banking index, which tracks 42 big European Union and UK banks, also took a knock, trading 5.6% down.

Britain’s finance minister Jeremy Hunt sought to reassure investors on the health of the country’s broader banking system.

“There was never a systemic risk to our financial stability in the UK,” he told reporters. “The UK banking system is extremely secure, it’s well-capitalized.”

As of last Friday, SVB UK had loans of approximately £5.5 billion ($6.7 billion) and deposits of around £6.7 billion ($8.1 billion), according to the HSBC statement. It also logged a pretax profit of £88 million ($106.5 million) in its last fiscal year ended December.

SVB, a lender best known for providing financing to startups, had faced liquidity concerns in the United States, triggering a huge bank run last week. That ultimately led to its collapse, the second-biggest of a financial institution in US history, on Friday.

US financial regulators reacted swiftly to concerns of contagion over the weekend, announcing that customers of the failed bank would get access to all their money starting Monday.

Authorities have also guaranteed deposits for customers of Signature Bank, a regional US lender shut down by regulators because it had faced financial trouble in recent days.

— Hanna Ziady contributed reporting.


0%(0)
0%(0)
    The deal has meat left to eat!  /无内容 - oldfarmer 03/13/23 (107)
      会不会这个HSBC是个手套?  /无内容 - zebraman 03/13/23 (70)
  Ok, not exactly free, costs £1 - oldfarmer 03/13/23 (116)
    costs 1 pound  /无内容 - oldfarmer 03/13/23 (108)
标 题 (必选项):
内 容 (选填项):
实用资讯
北美最大最全的折扣机票网站
美国名厂保健品一级代理,花旗参,维他命,鱼油,卵磷脂,30天退货保证.买百免邮.
一周点击热帖 更多>>
一周回复热帖
历史上的今天:回复热帖
2022: 独家:俄罗斯对乌克兰的袭击使世界一半
2022: 媒体:袭击美国驻埃尔比勒领事馆附近地
2021: 世界军坛?这里已经是轮子的搬运坛。呵
2021: 喜报 | 三院海鹰特材成功中选CR929项目
2020: 避轻就重说不定歪打正着,本也无可奈何
2020: 由外交部发言人的推特想到的
2019: 波音737是如何铸成大错的? zt
2019: 伯尼·桑德斯:“2020,我要在美国实现社
2018: 为了一句「白痴」川普开除提勒森 中局情
2018: 郁慕明》毁台始作俑者,李登辉们