Arab Press

بالشعب و للشعب
Wednesday, Feb 05, 2025

Silicon Valley Bank’s UK arm sees sharp inflows after £1 HSBC rescue

Silicon Valley Bank’s UK arm sees sharp inflows after £1 HSBC rescue

The British arm of Silicon Valley Bank has seen its deposit base rise back above £7bn - 10 days after steep withdrawals led it to the brink of insolvency.
The British arm of Silicon Valley Bank (SVB UK) has seen hundreds of millions of pounds of deposit inflows in the wake of its £1 rescue takeover by HSBC.

Sky News understands that SVB UK's deposit base now stands at over £7bn - 10 days after Europe's biggest lender agreed to buy the business in a deal orchestrated by the Bank of England.

Figures provided by the central bank and published by the Treasury Select Committee this week showed nearly £3bn of deposits were withdrawn from the technology-focused bank between 9 and 10 March.

The run on its UK deposit base came after its US parent company fell victim to a run after failing to raise capital from investors.

One source said more than £300m had been parked with SVB UK by business customers since the beginning of last week, with net inflows being recorded each day.

HSBC is planning to rebrand SVB UK in the coming months, although it is unlikely to use the parent's name and is instead chose to opt for the creation of a standalone brand.

An insider pointed to the precedent of HSBC's First Direct internet bank as a possible model for the future of the SVB UK business.

HSBC's decision to step in and rescue SVB UK for £1 provided salvation for thousands of early-stage UK companies which faced losing access to their deposits and even forfeiting the funds altogether in the event of an insolvency.

The US government is now engaged in a process to sell SVB's parent there.

HSBC declined to comment.
Comments

Brad 2 year ago
More government propaganda and bank propaganda.
Nobody's keeping cash in these banks.
I personally pulled out 22 billion.
Screw your banks.
Gaslighting the public is over twits

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Erdogan and Syria's Sharaa Talk About Collaboration to Counter Kurdish Militants
Trump Suggests U.S. Control of Gaza Strip Amid Ongoing Conflict
Trump Resumes 'Maximum Pressure' Strategy to Limit Iran's Oil Exports.
Ex-British Soldier Sentenced for Espionage on Behalf of Iran and Fleeing from Prison
Gazans in Egypt Reject Displacement, Struggle with Return to War-Torn Home
Queen Rania Urges Protection of Children’s Rights at Vatican Summit
Hamas Officials Ready to Begin Negotiations for Phase Two of Gaza Truce
Trump Expresses Caution Over Gaza Ceasefire as Netanyahu Visits Washington
Oman to Host 18th Indian Ocean Conference on Maritime Security and Trade
Emir of Kuwait Meets BlackRock CEO for Talks on Investment Opportunities
Queen Rania of Jordan Calls for Global Action on Children’s Rights at Vatican Summit
Egyptian President El-Sisi Invited for White House Meeting Following Jordanian King’s Visit
Queen Rania Calls for Protection of Children’s Rights at Vatican Summit
Israeli Military Operations Continue on Lebanon Border Amid Ceasefire Tensions
Israeli Hostage's Release Highlights Uncertainty Over Family's Fate
Israeli Military Operations Escalate in Southern Lebanon Amid Hezbollah Tensions
Zayed Award for Human Fraternity Announces 2025 Honorees
Kuwait Anticipates a 12% Increase in Budget Deficit for the 2025-2026 Fiscal Year
Ahmed al-Sharaa, Syria's Transitional President, declares the schedule for presidential elections.
Jailed Ex-Pakistani PM Imran Khan Draws Parallels to President Trump in Fight for Justice
Iran Develops Long-Range Nuclear Missiles with North Korea's Help, Claims Report
Global Semiconductor Industry Faces Persistent Challenges Amid Efforts to Boost Production
Saudi Arabia Unveils 'Dream of the Desert' Luxury Train, First of Its Kind in the Middle East
The 'Chinese Pearl Harbor' on U.S. Tech: DeepSeek's Launch Triggers Market Collapse
President Trump Proposes Relocating Gaza's Population to Egypt and Jordan
Key Takeaways from the 2025 World Economic Forum in Davos
In Spite of Significant Losses to Israel, Hamas Enlists 15,000 New Fighters
Leaked Documents Reveal Google's Collaboration with Israeli Defense Forces During Gaza Conflict
Five Billionaires on Track to Break One Trillion Dollar Wealth Barrier
Julia Sebutinde to Lead International Court of Justice: A Historic Transition
Spain Proposes 100% Tax on Properties Purchased by Non-EU Residents
Rising Casualties and Intense Diplomacy: The Conflict in Gaza Continues
Joseph Aoun Elected as Lebanon's New President: Ending a Prolonged Power Vacuum
Joseph Aoun Elected Lebanon’s 14th President Amid Political Stalemate
Trump Signals Shake-Up at the Pentagon Amid Transition Concerns
U.S. Supreme Court Denies Trump's Last-Minute Bid to Block Sentencing in New York
Escalating Conflict in Gaza: Casualties Surge as Diplomatic Efforts Continue
Escalation in West Bank: Israeli Boy Killed in Palestinian Gun Attack
U.S. Supreme Court Denies Trump's Appeal to Delay Sentencing in New York Hush Money Case
Lancet Study Reveals Underestimation of Gaza War Death Toll by 40 Percent
Global Acclaim Follows Election of Lebanon's New President Joseph Aoun
Saudi Leaders Extend Congratulations to Joseph Aoun, New President of Lebanon
UN Accuses Israel of Restricting Humanitarian Aid in Northern Gaza
US Pledges $500 Million Military Aid Package to Ukraine
Ethiopia Endures a Series of Earthquakes in Brief Timespan
Joseph Aoun: Lebanon's Fourteenth President Amid a Legacy of Challenges
President Biden Reports Meaningful Progress on Gaza Agreement
Lancet Study Reveals Higher Gaza Death Toll than Official Reports
Global and Arab Welcome for Joseph Aoun's Election as Lebanon's President
Biden Cites 'Real Progress' in Gaza Deal Talks Amid Intense Negotiation Efforts
×