Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen correspondent: The US vetoed a UNSC resolution calling for a ceasefire in Gaza, arguing it does not condemn Hamas nor grant "Israel" the right to “self-defense.”
Israeli occupation forces issue a new bombing threat against civilian buildings in the Southern Lebanese towns of Borj Qalaouiye and Chehabiyeh.
Sources to Al Mayadeen: Extending the snapback mechanism deadline will test how independent Europeans truly are from the US.
Sources to Al Mayadeen: Activating the snapback mechanism will nullify the Cairo Agreement, shut the door on cooperation between the IAEA and Tehran, and bar inspections.
Sources to Al Mayadeen: The diplomatic window remains open, but signs of activating the snapback sanctions mechanism on Iran are increasing.
Sources to Al Mayadeen: Although the Cairo Agreement meets an important part of European demands, they have begun speaking of new conditions in recent communications.
Sources to Al Mayadeen: European countries show no independence in their stance toward Iran during the talks.
Israeli occupation forces issued bombing threats to bomb civilian buildings in Southern Lebanon.
Israeli media: Person behind shooting operation at Allenby Crossing is a Jordanian Army soldier.
Israeli media citing Emergency Services: Both wounded in Allenby shooting operation now dead.

SVB UK sold to HSBC for only 1 pound, no taxpayer money involved

  • By Al Mayadeen English
  • Source: Agencies
  • 13 Mar 2023 14:32
2 Min Read

The UK Treasury and HSBC bank announce that the latter acquired the UK branch of Silicon Valley Bank, confirming customers can continue business as usual.

  • x
  • The HSBC logo is seen through a window where buildings are reflected on to, at a branch in London (AP).
    The HSBC logo is seen through a window where buildings are reflected on, at a branch in London. (AP)

The UK Treasury and HSBC bank announced, on Monday, that the UK arm of the collapsed Silicon Valley Bank (SVB) was bought off by HSBC for only 1 pound sterling.

The Bank of England and the UK Treasury oversaw the deal after panic ensued among the nation's technology and life science customers of SVB's UK branch.
 
In a Treasury statement, it was highlighted that "Silicon Valley Bank (UK) Ltd has today been sold to HSBC," adding, "This transaction has been facilitated by the Bank of England, in consultation with the Treasury, using powers granted by the Banking Act 2009."
 
Jeremy Hunt, the UK Finance Minister said that "no taxpayer support" was involved and explained, "This (deal) ensures customer deposits are protected and can bank as normal, with no taxpayer support."

HSBC chief executive Noel Quinn said, "This acquisition makes excellent strategic sense for our business in the UK," noting that HSBC had agreed to pay only 1£ for SVB UK which had loans of about £5.5 billion and deposits of around £6.7 billion.

Related News

UK gov't borrows more in February with highest debt since 1960s

Jeremy Hunt under fire for high-carbon choice of transport for meeting

According to Quinn, the acquisition "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." 

Moreover, the CEO confirmed that SVB UK's customers "can continue to bank as usual" and will be "safe in the knowledge that their deposits are backed by the strength, safety, and security of HSBC."

It is worth noting that California's Department of Financial Protection and Innovation (CDFPI) and Federal Deposit Insurance Corp (FDIC) announced on Friday the seizing of SVB's assets - worth nearly $175 billion - and relocating them to a newly established institution, the Deposit Insurance Bank of Santa Clara.

The new body will be responsible for making payments to clients with insured deposits on Monday, while the remaining assets will be auctioned to pay other depositors.

Read more: Canadian authorities temporarily control Canadian branch of SVB

  • Jeremy Hunt
  • Silicon Valley
  • UK
  • HSBC
  • UK Treasury
  • Silicon Valley bank
  • SVB

Most Read

Why is Choose Love using a firm with British and US intelligence connections to run a pro-Palestine musical event? (Al Mayadeen English; Illustrated by Batoul Chamas)

Together for Palestine: Troubling questions about the organisers of this huge event

  • Opinion
  • 17 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

  • Palestine
  • 14 Sep 2025
UKLFI’s latest faux pas, like "Israel’s" recent failed attempt at regime change in Iran, is unambiguously indicative of a flailing entity on the verge of extinction. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

Zionist lawfare operation facing collapse?

  • Opinion
  • 13 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A Hezbollah supporter who lost his sight in a pager attack carried out by "Israel" on Sept. 17, 2024, covers his eyes with a red headband inscribed with the name "Hussein" during Ashoura, July 6, 2025 (AP)
Politics

'We Have Recovered': Lebanon marks 1st anniversary of Pager Attack

The Arab neighborhood of El Za'im, on the outskirts of east Occupied Al-Quds in the West Bank, near where Israeli government says housing units will be built as part of the E1 settlement project, Thursday, August 21, 2025. (AP Photo/Ohad Zwigenberg)
Palestine

'Israel’s' deliberate policies drive West Bank economy toward collapse

Ben & Jerry's ice cream shop, Wednesday, Feb. 26, 2025, in Cambridge, Mass. (AP Photo/Charles Krupa)
Politics

Ben & Jerry’s co-founder resigns over parent company curbing activism

Trump’s approval rating falls to new low in second term: Poll
US & Canada

Trump’s approval rating falls to new low in second term: Poll

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS