British banking giant HSBC has inked a deal to buy up Silicon Valley Bank’s (SVB) British subsidiary for just a pound, it announced on Monday. The news comes after the US-based parent bank collapsed on Saturday, the second collapse after Silvergate Bank the week before. A statement from @thebankoflondon regarding @SVB_UK (Silicon Valley Bank UK Limited) pic.twitter.com/OHXx7kmpRY — The Bank of London (@thebankoflondon) March 12, 2023The Bank of London acts as a clearing back and worked with the Bank of England and UK Treasury to negotiate the terms of SVB’s acquisition on Sunday. Significance of SVB CollapseDemond Cureton, Senior Journalist, XR Today, analysing the ongoing crisis at Silicon Valley Bank. However, lending practices faced setbacks after clients could no longer access money from the bank, leading to knock-on effects for companies paying their employees, the Financial Times reported.
