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.
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.