HSBC supports Silicon Valley with two
billion pounds
British banking group HSBC, the new owner of Britain's Silicon Valley Bank unit,
has announced plans to inject two billion pounds ($2.4 billion) of cash into the
unit.
Group CEO Noel Quinn and Ian Stewart, unit manager at the UK branch of
technology investors in London, said on today's call that the bank would pledge
billions of pounds to ensure business continuity. trading at the "Silicon Valley
Bank" unit in Great Britain as usual.
A bank spokesperson confirmed the amount to be injected.
HSBC bought a unit of Britain's Silicon Valley Bank for a symbolic pound ($1.22)
today, at the height of a tense weekend as UK ministers and bankers looked for
ways to calm markets and secure depositors' money. . .
UK Prime Minister Rishi Sunak said there was no systemic risk for UK banks
following the collapse of US bank Silicon Valley.
Quinn called the acquisition "strategic sense" and noted that it will help improve
the bank's position in the technology and life sciences sector.
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