Why you can trust Sky News
HSBC, Europe's largest lender and buyer of the collapsed UK arm of Silicon Valley Bank, has praised SVB UK and shed new light on how the emergency takeover came to be. The decision to purchase SVB UK was reached by HSBC at 6.30pm on Sunday after just five hours of due diligence checks, HSBC's UK chief executive told Sky's Ian King.
"We're very excited with what we've got. We've got really good people. And I think we've got actually a very good business that's been well run in the UK," Ian Stuart said."On Friday, I did not think we would be buying another bank come Sunday. It was opportunistic, but it allows us I think, to accelerate our strategy by two or three years," Mr Stuart said.for the lender, with a balance sheet of £8.8bn and deposits worth £6.7bn.
In securing those deposits HSBC calmed fears of tech companies and start-ups banking with SVB UK. There were concerns such firms would be unable to meet costs, including payroll, as they could not access their money.
More than the ‘light touch’ Sir Fred ordered with RBS and ABN AMRO …..
Thorough.
Why am I reminded of Crocker National Bank?
That they've declared! It's no doubt been months in planning.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: i newspaper - 🏆 8. / 89 Read more »
Buyout titans weigh purchases from Silicon Valley Bank loan book\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Source: ftenergy - 🏆 47. / 63 Read more »