British bank HSBC has acquired the British subsidiary of troubled Silicon Valley Bank (SVB).
The British government announced on Monday morning that the transaction had been “facilitated by the Bank of England in consultation with the Treasury”. “No tax money is involved and customer deposits are protected,” it said in London. Commentators in London spoke of a success for the country’s tech industry.
“The UK technology sector is a world leader and is of huge importance to the UK economy, supporting hundreds of thousands of jobs”Treasury Secretary Jeremy Hunt justified the move. “HSBC is Europe’s largest bank and clients of SVB UK should feel reassured by the strength and security this brings.” The successful rescue of the British SVB subsidiary also counts as a success for the Conservative government, which recently gambled away its reputation for economic credibility.
On Friday, Silicon Valley Bank, which specializes in seed funding, was temporarily closed and placed under state control after a failed emergency capital raise. This caused unrest all over the world. (saw/sda/awp/dpa)
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
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