NewsletterBreaking: HSBC Buys Out Troubled Silicon Valley Bank UK; Bitcoin Price To React?
Crypto News: In the latest turns of events, the United Kingdom (UK) government announced that HSBC holdings acquired the British subsidiary of the Silicon Valley Bank. This move comes after the United States agency moved to support the deposits of the collapsed bank.
HSBC To Take Care Of SVB UK
As per reports, HSBC CEO, Noel Quinn stated that the SVB UK acquisition makes excellent strategic sense for the business in the United Kindom. However, HSBC holdings stated that it paid a purchase price of £1 as part of the transaction.
Jeremy Hunt, British Finance Minister in a tweet mentioned that the government and the Bank of England facilitated a private sale of the collapsed Silicon Valley Bank’s UK arm to HSBC. It added that the deposits will be protected with no taxpayer support. Meanwhile, Britain hasn’t announced broader liquidity measures for the banking system as the United States did.Read More Crypto News Here…
He stated that the authority would look after the UK’s technology sector and they are working in order to deliver the promise. Earlier, the British Finance Minister highlighted that its administration and the Bank of England are eagerly working to minimize and avoid any probable damage caused by SVB failure.
JPMorgan Among Big Banks Bidding To Acquire SVB, But There’s A Catch| Read Here
The report suggests that SVB UK holds loans of around 5.5 billion pounds, while it has deposits of more than 6.7 billion pounds. However, Silicon Valley Bank UK’s tangible equity is calculated to stand at around 1.4 billion pounds, informed HSBC.
The collapse of Crypto friendly Silicon Valley Bank went on to put a heavy dent in the digital asset market. Bitcoin (BTC), the world’s largest crypto saw a decline on around 10% in a day. However, Bitcoin price is up by around 10% in the last 24 hours.
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