l{"id":1202914,"date":"2023-03-13T09:29:00","date_gmt":"2023-03-13T09:29:00","guid":{"rendered":"https:\/\/www.businesstelegraph.co.uk\/hsbc-buys-svbs-uk-business-ending-nightmare-for-british-tech-cnn\/"},"modified":"2023-03-13T09:29:00","modified_gmt":"2023-03-13T09:29:00","slug":"hsbc-buys-svbs-uk-business-ending-nightmare-for-british-tech-cnn","status":"publish","type":"post","link":"https:\/\/www.businesstelegraph.co.uk\/hsbc-buys-svbs-uk-business-ending-nightmare-for-british-tech-cnn\/","title":{"rendered":"HSBC buys SVB&#039;s UK business, ending &#039;nightmare&#039; for British tech &#8211; CNN"},"content":{"rendered":"<p> <script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- newscabal uk text -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:inline-block;width:728px;height:90px\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"3688094655\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p data-paragraph-id=\"paragraph_C3B2D459-A880-2963-7462-DA112B16E91C\"><cite class=\"m-line-heightless el-editorial-source\">Hong Kong\/London(CNN)<\/cite> HSBC has scooped up the UK arm of failed Silicon Valley Bank, securing the future of thousands of British tech firms that hold money at the lender.  <\/p>\n<p data-paragraph-id=\"paragraph_32DF0BF0-731D-ADC6-509C-DA1424FE11E8\">Had a buyer not been found, SVB UK would have been<strong> <\/strong>placed into insolvency by the Bank of England following the stunning <a href=\"https:\/\/edition.cnn.com\/2023\/03\/10\/investing\/svb-bank\/index.html\" target=\"_blank\" rel=\"noopener\">collapse<\/a> of its parent in the United States. <\/p>\n<p data-paragraph-id=\"paragraph_03477DBC-6C12-1909-067C-DA16F6C8EA0B\">In a statement, the central bank said it &#8220;can confirm that all depositors&#8217; money with SVB UK is safe and secure as a result of this transaction.&#8221; <\/p>\n<p data-paragraph-id=\"paragraph_50E3B9E4-9F5F-883C-9F4E-DA16F93117B1\">HSBC, Europe&#8217;s biggest bank, announced the \u00a31 ($1.2) deal early Monday morning, saying it would be effective &#8220;immediately.&#8221;<\/p>\n<p data-paragraph-id=\"paragraph_E20FCC41-9F45-8BCB-9F4D-DA18588BD32F\">The acquisition should &#8220;end the nightmare thousands of tech firms had been experiencing over the past few days,&#8221; Susannah Streeter, head of money and markets at investing platform Hargreaves Lansdown, said in a statement. <\/p>\n<p data-paragraph-id=\"paragraph_4153218E-035D-D615-7084-DA1A3CFCE6E5\">SVB UK is a major bank partner for Britain&#8217;s tech sector, and the failure of its parent sent tech executives scrambling to work out how to get their cash out to pay staff and cover operating expenses. <\/p>\n<p data-paragraph-id=\"paragraph_0B027232-608F-D879-560C-DA25960C5F37\">The HSBC rescue is &#8220;fantastic news&#8221; for the UK startup ecosystem, said Piotr Pisarz, the CEO of Uncapped, a financial tech startup that lends to other startups. &#8220;I think we can all relax a bit today,&#8221; he told CNN.<\/p>\n<p data-paragraph-id=\"paragraph_9F3C100E-B3C2-4D23-0AC4-DA25D0276EC0\">Uncapped had launched an emergency funding program Saturday to help companies meet payroll and other obligations. It had received &#8220;hundreds&#8221; of applications from UK and US firms by Monday, according to Pisarz, who said it remained ready to support firms affected by the SVB collapse. Uncapped is also offering longer-term bridge loans to help with working capital.<\/p>\n<p data-paragraph-id=\"paragraph_5C8B19A2-8A31-8201-83A8-DA25D0271DC2\">Pisarz said startup companies would likely look to diversify their banking relationships because of this event. It was an &#8220;unhealthy situation&#8221; to have around half of Britain&#8217;s startup ecosystem banking with a single institution, he added. <\/p>\n<p data-paragraph-id=\"paragraph_43CB1C8B-7791-8984-16C0-D9D6377A75A1\">In a statement, HSBC CEO Noel Quinn said the acquisition meant that &#8220;SVB UK customers can continue to bank as usual, safe in the knowledge that their deposits are backed by the strength, safety and security of HSBC.&#8221;<\/p>\n<p data-paragraph-id=\"paragraph_463C4CC8-EE78-D3F1-4721-D9E542C4361D\">&#8220;This acquisition makes excellent strategic sense for our business in the UK,&#8221; he said. &#8220;It strengthens our commercial banking franchise and enhances our ability to serve innovative and fast-growing firms, including in the technology and life science sectors, in the UK and internationally.&#8221;<\/p>\n<p data-paragraph-id=\"paragraph_715CC391-E4C6-E6E3-6755-DA30F8F01D66\">HSBC&#8217;s London-listed shares fell after market open and were 2.9% lower in morning trading. The Stoxx Europe 600 banking index also took a knock, trading 4% down. <\/p>\n<p data-paragraph-id=\"paragraph_21CDE2EA-66AE-F4A8-7A9E-D9E615FC8445\">As of last Friday, SVB UK had loans of approximately \u00a35.5 billion ($6.7 billion) and deposits of around \u00a36.7 billion ($8.1 billion), according to <a href=\"https:\/\/www.londonstockexchange.com\/news-article\/HSBA\/hsbc-acquires-silicon-valley-bank-uk\/15871682\" target=\"_blank\" rel=\"noopener\">the HSBC statement<\/a>. It also logged a pretax profit of \u00a388 million ($106.5 million) in its last fiscal year ended December.<\/p>\n<p data-paragraph-id=\"paragraph_9159578A-2F48-1C96-DBC9-D9E629B775B1\">SVB, a lender best known for providing financing to startups, had faced liquidity concerns in the United States, triggering a huge bank run last week. That ultimately led to its collapse, the <a href=\"http:\/\/edition.cnn.com\/2023\/03\/11\/business\/svb-collapse-roundup-takeaways\/index.html\" target=\"_blank\" rel=\"noopener\">second-biggest of a financial institution<\/a> in US history, on Friday.<\/p>\n<p data-paragraph-id=\"paragraph_A5847B1F-7921-0A6B-89F8-D9E72BF1EFAE\">US financial regulators reacted swiftly to <a href=\"https:\/\/edition.cnn.com\/2023\/03\/12\/investing\/silicon-valley-bank-bailout\/index.html\" target=\"_blank\" rel=\"noopener\">concerns of contagion<\/a> over the weekend, <a href=\"https:\/\/edition.cnn.com\/2023\/03\/12\/investing\/svb-customer-bailout\/index.html\" target=\"_blank\" rel=\"noopener\">announcing<\/a> that customers of the failed bank would get access to all their money starting Monday. <\/p>\n<p data-paragraph-id=\"paragraph_1E9DC691-C618-9B78-C580-D9EF5BE4DDC6\">Authorities have also guaranteed deposits for customers of Signature Bank, a regional US lender shut down by regulators because it had faced financial trouble in recent days.<\/p>\n<p data-paragraph-id=\"paragraph_5053F891-61F9-8FE8-4D09-D9D20C513C09\"><em>\u2014 Hanna Ziady <\/em><em>contributed reporting.<\/em><\/p>\n<\/p><\/div>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block; text-align:center;\"\r\n     data-ad-layout=\"in-article\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"7859258044\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><a href=\"https:\/\/amp.cnn.com\/cnn\/2023\/03\/13\/investing\/svb-uk-business-deal-intl-hnk\/index.html\">READ SOURCE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hong Kong\/London(CNN) HSBC has scooped up the UK arm of failed Silicon Valley Bank, securing the future of thousands of British tech firms that hold money at the lender. Had a buyer not been found, SVB UK would have been placed into insolvency by the Bank of England following the stunning collapse of its parent [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1202915,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_oct_exclude_from_cache":false,"footnotes":""},"categories":[53],"tags":[],"class_list":["post-1202914","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-security"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>HSBC buys SVB&#039;s UK business, ending &#039;nightmare&#039; for British tech - CNN - Business Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/amp.cnn.com\/cnn\/2023\/03\/13\/investing\/svb-uk-business-deal-intl-hnk\/index.html\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HSBC buys SVB&#039;s UK business, ending &#039;nightmare&#039; for British tech - CNN - Business Telegraph\" \/>\n<meta property=\"og:description\" content=\"Hong Kong\/London(CNN) HSBC has scooped up the UK arm of failed Silicon Valley Bank, securing the future of thousands of British tech firms that hold money at the lender. Had a buyer not been found, SVB UK would have been placed into insolvency by the Bank of England following the stunning collapse of its parent [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/amp.cnn.com\/cnn\/2023\/03\/13\/investing\/svb-uk-business-deal-intl-hnk\/index.html\" \/>\n<meta property=\"og:site_name\" content=\"Business Telegraph\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-13T09:29:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.businesstelegraph.co.uk\/wp-content\/uploads\/2023\/03\/HSBC-buys-SVB039s-UK-business-ending-039nightmare039-for-British-tech.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1100\" \/>\n\t<meta property=\"og:image:height\" content=\"619\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"businesstelegraph\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"businesstelegraph\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/amp.cnn.com\/cnn\/2023\/03\/13\/investing\/svb-uk-business-deal-intl-hnk\/index.html#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/hsbc-buys-svbs-uk-business-ending-nightmare-for-british-tech-cnn\/\"},\"author\":{\"name\":\"businesstelegraph\",\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/#\/schema\/person\/0a3a6a0f58402f1f2af94e02d0987b78\"},\"headline\":\"HSBC buys SVB&#039;s UK business, ending &#039;nightmare&#039; 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