" class="no-js "lang="en-US"> Rebrand of UK Division of SVB: "HSBC Innovation Banking"
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HSBC SVB Innovation Banking

May 30 2023

HSBC to Rebrand UK Division of Silicon Valley Bank as HSBC Innovation Banking

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Next month, HSBC plans to rebrand the UK branch of SVB (Silicon Valley Bank) as HSBC Innovation Banking, as reported by Sky News. This followed the private purchase of SVB UK by HSBC in March, a transaction facilitated by the British government and the Bank of England, aimed to safeguard deposits without taxpayer aid.

SVB Financial Group, a lender with a strong focus on startups, earned the unfortunate title of the largest bank to collapse since the 2008 financial meltdown. Its abrupt downfall in March stirred the global markets, leading to billions of dollars worth of companies’ and investors’ funds being left in limbo.

Following this, Silicon Valley Bank entered bankruptcy proceedings after it was closed down by regulators in California, who subsequently appointed the Federal Deposit Insurance Corporation (FDIC) as its receiver. Thereafter, an agreement was reached for First Citizens BancShares, a regional lender, to take over Silicon Valley Bank.

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