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The Latest Breaking News from Silicon Valley Bank UK

The CEO of Europe’s largest bank on innovation, new tech, and HSBC’s approach to crypto

Noel Quinn believes HSBC is well positioned to navigate new technology in an increasingly complex global landscape.

Fortune

HSBC reveals plans to rename Silicon Valley Bank UK as profits soar

HSBC boss Noel Quinn laid out a fresh vision for the development of SVB UK after it bought the beleaguered bank for £1 in March.

Evening Standard

Allowing Silicon Valley Bank UK to fail would have caused domino effect, FCA suggests

Regulator’s chief executive, Nikhil Rathi, outlines to MPs what led to HSBC’s takeover of the bank for just £1

The Guardian - UK

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"It's still not great": Industry divided on government's SMB tax relief package

The UK government's changes to R&D tax relief credits have been met with a mixed reception following the Spring Statement on Wednesday. Delivering the statement in the House of Commons, Chancellor Jeremy Hunt revealed the government's plans to roll out an ‘enhanced’ tax relief package for SMBs across the country.…

IT Pro

High street banks lure tech firms away from Silicon Valley Bank UK after HSBC rescue deal

High Street banks are quietly stepping up their efforts to lure startups away from Silicon Valley Bank UK as the beleaguered firm’s customers weigh up whether to keep their accounts open after a last-minute rescue deal by HSBC.

Evening Standard

TechScape: How Silicon Valley Bank UK was saved

In this week’s newsletter: While its quick slip into financial hardship has left American bankers reeling, its UK division is surprisingly fine. But the tech sector isn’t out of trouble yet

The Guardian - UK

‘It was frantic’: the scramble to save SVB UK and avert a banking crisis

A small army worked through the weekend to ensure 3,500 UK customers – largely tech firms – still had cash on Monday

The Guardian - UK

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HSBC buys Silicon Valley Bank UK in rescue deal to avoid tech sector chaos

The 11th-hour sale was agreed after all-night talks between the Government and the Bank of England.

The Independent UK

US, UK Try to Stem Fallout from Silicon Valley Bank Collapse

Governments in the UK and US took extraordinary steps to stop a potential banking crisis after the historic failure of Silicon Valley Bank, even as another major bank was shut down. The UK Treasury and the Bank of England announced early Monday that they had facilitated the sale of Silicon…

Asharq Al-Awsat

France says no risk of contagion as governments handle SVB collapse fallout

The bankruptcies of US banks Silicon Valley Bank (SVB) and Signature do not pose a danger to French financial institutions, Finance Minister Bruno Le Maire said Monday as authorities in the US and UK took extraordinary steps to stop a potential banking crisis.

France 24

HSBC to buy Silicon Valley Bank UK after weekend of crisis talks

Chancellor Jeremy Hunt said deposits will be protected

The Independent UK

HSBC buys UK arm of troubled Silicon Valley Bank with no cost to taxpayer

Silicon Valley Bank's (SVB) possible collapse had posed a serious threat to the tech sector which had deposited large amounts of cash with the bank. HSBC has now bought the UK arm of the struggling bank.

Wales Online

HSBC will buy UK subsidiary of collapsed Silicon Valley Bank

The UK Treasury and the Bank of England have “facilitated the sale″ of Silicon Valley Bank UK to HSBC, ensuring the security of 6.7 billion pounds ($8.1 billion) of deposits

The Independent UK

HSBC to buy Silicon Valley Bank UK for £1 in rescue deal

Takeover arranged by government is likely to save British startups from big losses after US bank’s collapse

The Guardian - UK

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Evening Standard

Bank of London confirms bid to rescue Silicon Valley Bank UK

The clearing bank is the first confirmed bidder for the UK arm of the collapsed Silicon Valley Bank

Birmingham Post

Chancellor 'working ‘at pace’ to help UK tech firms after Silicon Valley Bank collapse

Warning that science and technology firms face 'serious risk'

Insider UK

Hunt working ‘at pace’ to help tech firms after Silicon Valley Bank collapse

Warning of 'serious risk' to tech and science firms

Evening Standard

Government to line up Barclays for Silicon Valley Bank UK unit rescue deal

The government is seeking to line up Barclays to take over the UK unit of Silicon Valley Bank (SVB) in a bid to rescue it from liquidation, the Standard has learned.

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The Guardian - UK

Government to meet tech firms following collapse of Silicon Valley Bank UK

Industry leaders expected to call for state intervention to avoid failure of hundreds of UK firms

Evening Standard

Silicon Valley Bank: Bank of England set to place UK arm into insolvency

Decision comes hours after US arm collapsed

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