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HSBC Reassures SVB UK Clients

HSBC's top executives have urged employees at the British division of the now-defunct U.S. lender Silicon Valley Bank to reassure clients that their deposits are safe and loans are supported. This comes as the integration process begins following HSBC's 'white knight' takeover.

, and Uzay Erol

March 15, 2023 . 11:05 AM

1 min read

SVB Staff Instructed to Continue Operations

In a memo sent to SVB staff on Tuesday, HSBC UK Chief Executive Ian Stuart advised employees to "continue to operate as usual" and maintain their commitment to serving clients as they have previously. The memo was also posted on LinkedIn by Stuart.

HSBC's 1 Pound Rescue Deal for SVB UK

HSBC agreed on Monday to purchase SVB UK for 1 pound in a rescue deal orchestrated by the Bank of England and the U.K. finance ministry. The deal was a response to the rapid downfall of SVB's parent company, which marks the largest U.S. bank collapse in over a decade.

LATEST: HSBC has injected close to £2 billion of liquidity into SVB UK and is prepared to provide additional cash and liquidity if needed, according to an internal memo.
— Paryte (@Parytecom) March 15, 2023

HSBC's Financial Support for SVB UK

The memo, co-signed by Group Chief Executive Noel Quinn, stated that HSBC has already provided nearly 2 billion pounds of liquidity to SVB UK. The bank is prepared to deploy additional cash and liquidity to support the institution.