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HSBC executives have asked the British branch of Silicon Valley Bank (SVB) to let customers know that their funds are safe and loans supported. HSBC UK Chief Executive, Ian Stuart sent a memo to SVB staff, asking them to continue working as usual. The memo also had the signature of Group Chief Executive, Noel Quinn. In a rescue agreement mediated by the Bank of England and the UK finance ministry, HSBC agreed to purchase SVB UK for one pound on Monday. As per the memo, HSBC has put around £2 billion ($2.42 billion) liquidity into Silicon Valley Bank UK. Moreover, the banking giant is ready to deploy more cash and liquidity, when needed. On Monday, March 13, UK Chancellor, Jeremy Hunt announced that HSBC has acquired SVB’s UK operations. Hunt further affirmed that “deposits will be protected” without the help of the taxpayers. U.S. prosecutors investigating Silicon Valley Bank’s collapse The sudden closure of SVB is currently being investigated by the US Justice Department. Accord...

California officials recently shut down the Silicon Valley Bank (SVB). It all started when multiple concerns regarding the bank’s inability to obtain capital appeared. When the bank considered a possible sale, this shortcoming gradually became a source of anxiety. The bank has now closed as a result of the chain of events. Also read: Circle Joins Hands with Cross River Bank Post-Silicon Valley Bank Downfall The event was also considered one of the largest banking crises after the 2008 financial turmoil triggered by Lehman Brothers. The White House recently stated that the Silicon Valley Bank , “is not a bailout.” JUST IN: 🇺🇸 White House says Silicon Valley Bank $SIVB "is not a bailout." — Watcher.Guru (@WatcherGuru) March 13, 2023 Biden stated that Silicon Valley Bank will not get a government bailout President Joe Biden recently stated that SVB will not receive a government bailout. This is after the regulators seize...