HSBC said that as of March 10, Silicon Valley Bank UK Ltd had loans of about £5.5 billion and deposits of about £6.7 billion. HSBC said the tangible equity of SVB UK is expected to be around £1.4 billion.
Silicon Valley Bank Never would have thought that the value of one of its branches would not be even Rs.100. Where this thing has now become true. HSBC Bank has bought the UK branch of SVB for one pound i.e. Rs 99.28. According to HSBC data, as of March 10, the bank’s branch had a loan of about 5.5 billion pounds and a deposit amount of 6.7 billion pounds. Let us tell you that the Silicon Valley Bank has sunk and every effort is being made to save it, because there is a lot of money deposited by the common people in this bank.
what the uk chancellor said
Giving information in a tweet, UK Chancellor Jeremy Hunt said that this morning, the government and the Bank of England have approved HSBC Deposit to buy Silicon Valley Bank UK Arm. He said that I had said yesterday that we will take care of our tech sector, and we have taken immediate steps to fulfill our promise.
HSBC CEO Noel Quinn said in a statement: “We welcome SVB UK customers to HSBC and will look to further develop them in the UK and around the world. SVB UK customers can continue with their account with the bank. HSBC also welcomed the staff and associates working at SVB UK.
This is the plan of HSBC
HSBC said that as of March 10, Silicon Valley Bank UK Ltd had loans of about £5.5 billion and deposits of about £6.7 billion. HSBC said the tangible equity of SVB UK is expected to be around £1.4 billion. It will complete the transaction instantly and fund it from the existing resources of the bank. In addition, the assets and liabilities of the parent companies of SVB UK have been excluded from the transaction. However, unlike the United States, the UK has not announced broader liquidity measures for the banking system.
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