• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

HSBC Acquires Silicon Valley Bank UK

OMMCOM NEWS by OMMCOM NEWS
March 13, 2023
in Business

London: HSBC UK Bank plc is acquiring Silicon Valley Bank UK Limited (SVB UK) for 1 pound, after a weekend of frantic negotiations by UK officials.

In a statement, HSBC says the transaction “completes immediately”. The acquisition will be funded from existing resources, the Guardian reported.

“As at 10 March 2023, SVB UK had loans of around 5.5 billion pounds and deposits of around 6.7 billion pounds. For the financial year ending December 31, 2022, SVB UK recorded a profit before tax of 88 million pounds. SVB UK’s tangible equity is expected to be around 1.4 billion pounds. Final calculation of the gain arising from the acquisition will be provided in due course,” HSBC said.

The sale to HSBC has been taken to “stabilise SVBUK”, says the Bank of England.

The UK central bank says the deal will ensure the continuity of banking services, minimise disruption to the UK technology sector and support confidence in the financial system, the Guardian reported.

Importantly, the Bank of England and HM Treasury can confirm that all depositors’ money with SVBUK is safe and secure as a result of this transaction.

That will be a massive relief for tech companies, who feared an �existential threat’ to their businesses if they had lost their funds at SVB UK, the Guardian reported.

The BoE add that the deal with HSBC means SVB UK will not now be put into insolvency.

It says, “SVBUK’s business will continue to be operated normally by SVBUK. All services will continue to operate as normal and customers should not notice any changes”.

 (IANS)

Tags: Silicon Valley BankUK
ShareTweetSendSharePinShareSend
Previous Post

India’s GDP Growth At 7% In FY23: Acuite Ratings

Next Post

Mysterious, Booming Sound Triggers Panic In Three Odisha Districts

Related Posts

Income Tax Bill 2025
Business

Govt Withdraws Income Tax Bill 2025 From Lok Sabha, New Version To Be Tabled On Monday

August 8, 2025
Indian stock markets
Business

Indian Stock Market Ends Lower Amid US Tariff Jitters, Sensex Declines 765 Points

August 8, 2025
Business

SBI Clocks 12.5 Pc Rise In Q1 Net Profit At Rs 19,160 Crore

August 8, 2025
Business

50 Pc Tariffs By US Bad Policy Move, India Must Continue To Protect Its Farmers: SBI Report

August 8, 2025
Business

India’s Income Roadmap: Gujarat Emerges Frontrunner; MP Improves As Southern, Western States Consolidate Earnings Dominance

August 7, 2025
Business

US Tariff Hike To Impact Only 4.8 Per Cent Of India’s Total Exports

August 7, 2025
Next Post

Mysterious, Booming Sound Triggers Panic In Three Odisha Districts

Ex-Malaysian PM Muhyiddin Slapped With Additional Money Laundering Charge

No Rule Of Law Under Modi, Country Being Run As Dictatorship, Says Kharge

khimji
TPCODL
OMC
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.