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Crypto News: In the latest turns of events, the United Kingdom (UK) government announced that HSBC holdings acquired the British subsidiary of the Silicon Valley Bank. This move comes after the United States agency moved to support the deposits of the collapsed bank.
As per reports, HSBC CEO, Noel Quinn stated that the SVB UK acquisition makes excellent strategic sense for the business in the United Kindom. However, HSBC holdings stated that it has paid a purchase price of £1 as part of the transaction.
Jeremy Hunt, British Finance Minister in a tweet mentioned that the government and the Bank of England facilitated a private sale of the collapsed Silicon Valley Bank’s UK arm to HSBC. It added that the deposits will be protected with no taxpayer support. Read More Crypto News Here…
He stated that the authority would look after the UK’s technology sector and they are working in order to deliver the promise. Earlier, the British Finance Minister highlighted that its administration and Bank of England are eagerly working to minimize and avoid any probable damage caused by SVB failure.
(THIS IS A DEVELOPING STORY)
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