HSBC Plans to Inject £2 Billion of Liquidity Into UK Unit of SVB

Bloomberg2023-03-14

HSBC Holdings Plc, the new owner of Silicon Valley Bank’s UK unit, is planning to inject £2 billion ($2.4 billion) of liquidity into the division.Chief Executive Officer Noel Quinn and Ian Stuart, the...

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AlanChong
2023-03-14
AlanChong
Ok
MLFL
2023-03-14
MLFL
Good morning
TaiWoeiHaur
2023-03-14
TaiWoeiHaur
Good morning

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It said the deal will be funded from existing resources.Quinn described the acquisition as making “strategic sense” and would improve the bank’s standing in the technology and life-sciences sectors.SBV was a critical lender and service provider to a range of tech companies in both the US and UK.Quinn and Stuart indicated on the call that there wouldn’t be major changes to how SVB UK is run, according to Suzanne Ashman, general partner at LocalGlobe, a London-based venture investment firm. “We were hugely reassured,” she said. “They don’t want to lose the DNA of what they bought.”The bank didn’t clarify whether it would run its new acquisition as a standalone division or keep the SVB brand. 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