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Silicon Valley Bank Latest Update: Once again the banking sector in America is in huge crisis (US Banking Crisis). Silicon Valley Bank, which is counted among the top banks, has closed last week. Now it is affecting many other sectors. Measures have also been taken to reduce the effect. Meanwhile, the British Unit (SVB UK Unit) of Silicon Valley Bank is going to be sold for just one pound.
They will get relief from the deal
HSBC Holdings is going to buy the British unit of Silicon Valley Bank. HSBC Holdings said on Monday that it is going to buy the British subsidiary of Silicon Valley Bank for one pound. The deal is an attempt to protect the interests of British customers of Silicon Valley Bank. Following the deal, British customers of Silicon Valley Bank can continue to enjoy normal banking facilities.
HSBC CEO has this hope
HSBC Chief Executive Noel Quinn said about the deal that it has great strategic importance for the bank’s British business. He expressed confidence that the deal will strengthen the commercial banking franchise and also help in meeting the needs of innovative and fast growing companies.
Quinn welcomes British customers
He welcomed British customers of Silicon Valley Bank. We welcome SVB’s UK customers to HSBC and look forward to helping them grow in the UK and around the world,’ Quinn said. UK customers of SVB can continue to enjoy normal banking as before. Also, they can rest assured that their deposits are now protected by the strength and security of HSBC. We also welcome SVB UK colleagues to HSBC and look forward to working closely with them.
US government is also trying
This news of the sale of the British unit of Silicon Valley Bank has come to the fore at a time when the US government and banking authorities are trying to limit the impact of the sinking of this bank. The US Central Bank Federal Reserve has already held several meetings regarding this. US President Joe Biden himself is also taking information about the matter.
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