Arab Press

بالشعب و للشعب
Thursday, Dec 26, 2024

HSBC to unveil shake-up of Silicon Valley Bank UK board

HSBC to unveil shake-up of Silicon Valley Bank UK board

Two of HSBC's top executives and one of the independent directors of its UK bank will join the board of Silicon Valley Bank UK, two months after buying it for £1.
HSBC is shaking up its new subsidiary, Silicon Valley Bank UK (SVBUK), by appointing a trio of senior figures as directors, two months after acquiring the US-owned lender in a £1 rescue deal.

Sky News has learnt that HSBC will announce on Tuesday that John Hinshaw, group chief operating officer; Stuart Tait, head of UK commercial banking; and Mridul Hegde, an independent director of HSBC's UK bank are joining the SVBUK board.

People close to the company said that Vin Murria, a technology entrepreneur, would be stepping down as an SVBUK director as part of the changes.

No imminent changes to SVBUK's executive leadership are planned, they added.

SVBUK's independent chairman Darren Pope is also expected to remain in place, at least for the time being.

The boardroom overhaul comes two months after HSBC swooped to buy the British arm of California-based Silicon Valley Bank in an emergency deal orchestrated by the Bank of England.

One insider said the new appointments represented a natural evolution under HSBC's ownership.

It also plans to rename SVBUK with a decision being announced as soon as London Tech Week next month.

In the US, SVB was taken into temporary public ownership after a run on the bank triggered by a crisis of confidence among depositors.

It was subsequently sold to First Citizens Bancshares, a regional US lender.

Sky News revealed in March that HSBC had signed off on the payment of just under £20m in bonuses to SVBUK staff.

One insider said at the time that the bonus payments were a signal of HSBC's confidence in the talent base at its new subsidiary and that it had been keen to honour previously agreed payments in order to help retain key staff.

Employing about 700 people in Britain, SVBUK is a profitable business but was brought to the brink of collapse by the travails of its American parent company.

An emergency auction in which Rishi Sunak, the prime minister, played a pivotal role had also drawn interest from challenger banks including OakNorth and The Bank of London.

Jeremy Hunt, the chancellor, said the rescue had been critical to preserving funding to some of the UK's most promising start-up companies.

"The UK's tech sector is genuinely world-leading and of huge importance to the British economy, supporting hundreds of thousands of jobs," he said.

The government had been lobbied intensively to intervene by hundreds of tech entrepreneurs about the parlous state of SVBUK.

They warned of "an existential threat to the UK tech sector", adding: "The Bank of England's assessment that SVB going into administration would have limited impact on the UK economy displays a dangerous lack of understanding of the sector and the role it plays in the wider economy, both today and in the future."

HSBC declined to comment.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Emirati Pilot Joins NASA's Simulated Mars Expedition
Tragedy in Gaza: Infant Mortality Highlights Ceasefire Stalemate Amidst Humanitarian Crisis
Israeli Airstrikes in Gaza Result in Deadly Consequences Amidst Escalating Tensions
Moderna's Groundbreaking Combo Vaccine Yields Promising Trial Results
The Grim Toll of Conflict: One Child Killed Every Hour in Gaza, Says UN Agency
Humanitarian Crisis Deepens: Israeli Strikes Hit Shelters and Hospitals in Gaza
Humanitarian Zones Under Siege: Israel's Strikes in Gaza Escalate Civilian Crisis
Israel Confirms Assassination of Hamas Leader in Tehran: A Stark Warning to Regional Foes
Escalating Tensions: Israeli Strikes in Gaza and Assassination in Iran Stir Regional Conflict
Gaza Conflict: Unmasking the Human Cost Amidst Political Stalemate
Escalating Conflict in Gaza: Lives Lost Amid Intensifying Military Actions
Israeli Airstrikes in Gaza Spur Humanitarian Outcry and Internal Criticism
Italy Slaps OpenAI with Landmark Fine: A Catalyst for Global Data Privacy Debate
Gaza Ceasefire Talks Approach Brink: Delicate Diplomacy at Play
Progress in Gaza Ceasefire Talks Amid Ongoing Conflict
Saudi Football Star Fahad Al-Muwallad in Critical Condition After Balcony Fall
Gaza Ceasefire Hangs by a Thread as Mediators Navigate a Stalemate of Epic Proportions
Syria's Future: A Fight for Democracy or Another Cycle of Oppression?
Gaza on the Brink: Economic Collapse and the Humanitarian Abyss
Ankara Ascends: Turkey's Rising Influence in Syria's Post-Assad Landscape
International Tensions Escalate Amid Gaza Conflict and Syrian Crisis
Gaza Conflict at Day 439: Renewed Ceasefire Hopes Amidst Ongoing Strife
Global Challenges: Syrian Repatriation, Natural Disasters, and Political Turmoil
U.S. Indicts Syrian Officials for Torture Amidst Assad's Overthrow: A New Era of Accountability and Diplomatic Reevaluation
Global Geopolitical Shifts: U.S. Strategy in Syria, Regional Tensions, and Calls for Nuclear Disarmament
Major Geopolitical Developments: Turkiye Reopens Border for Syrian Refugee Returns Amidst Regional Tensions and Political Transformations
Hypersonic Tensions: Yemen's Missile Disrupts Israel Amid Regional Escalation
Escalating Middle East Tensions and U.S. Tragedy: A Global Snapshot
Germany Suspends Syrian Asylum Decisions Amid Post-Assad Uncertainty
Israeli Airstrikes on Gaza: A Blow to Civilians and Press Freedom
Global Instability: UAE Advocates for Syrian Unity Amidst Middle East Tensions, Military Setback in Turkey, and Escalating Violence in Haiti
Key Regional Shifts in the Middle East Following Assad's Ouster: Challenges and Opportunities
France Supports Syria's Transition After Assad's Ouster Amid Middle East Turmoil
Recent Global Power Shifts: Political Upheavals and Security Challenges Redefining Nations
Global Conflicts and Health Developments: From Gaza's Hospital Crisis to Morocco's Medical Advancements
Transformative Shifts in Global Politics: The Fall of Assad, Maritime Piracy Threats, and Political Change in Ghana
Turbulent Transition: Syria's Political Upheaval and Global Reactions
Escalating Middle Eastern Conflicts and Political Tensions: A Snapshot of Global Unrest and Efforts for Stabilization
Syria's Crossroads: Can Hayat Tahrir al-Sham Lead a Unified Country After Assad's Fall?
End of an Era: Assad's Departure Amid Rebel Advances Signals Major Shift in Syria's Civil War
Global Shifts: UK Trade Missions, Korean Political Turmoil, and Syrian Conflict Dynamics
Escalating Global Tensions: Hospital Destruction in Gaza, Lebanese Military Movements, Alaskan Volcano Alert, Syrian Conflict Developments, Golan Heights Security, and U.S. Aid to Ukraine
Morocco Secures $13 Billion Investment for Railway Expansion at Africa Investment Forum
Israeli Strikes Devastate Gaza Hospital; EU Lifts Pakistan Airlines Ban; Global Holiday Traditions and Middle East Tensions Highlighted
Global Tensions and Shifts: From Netanyahu's Critique and African Political Instability to Syrian Rebel Advances and Renewed Middle East Peace Efforts
Military Diversity Debate, Gaza Clashes, Notre Dame's Rebirth, South Korean Political Crisis, Trump's Diplomatic Visit, and Ghana's Pivotal Election
U.S. State Department Urges Immediate Evacuation from Syria Amid Escalating Conflict and Strategic Power Shifts
Global Hotspots: Humanitarian Crises, Geopolitical Tensions, and Key Developments in Gaza, Lebanon, Colombia, Ghana, the UK, and Syria
Global Unrest and Diplomacy: Travel Warnings, Security Strategies, and Legal Challenges Highlight Shifting International Landscape
Key Global Developments: Crisis Management, Climate Impact, Diplomatic Changes, and Cultural Recognition
×