'A huge relief': Startups react to Silicon Valley Bank UK's HSBC rescue deal
Publishing timestamp: 2023-03-13 08:48:23
Summary
HSBC UK Bank has agreed to acquire the U.K. subsidiary of collapsed Silicon Valley Bank for £1 ($1.21), which has saved hundreds of U.K.'s most innovative companies. The deal was facilitated by the U.K. government and Bank of England, and deposits will be protected with no taxpayer support. U.K. startups are relieved as they can continue business as usual, and the combination of SVB UK and HSBC could be even more of a positive flywheel in the U.K. tech sector.
Sentiment: POSITIVE
Keywords: markets, hsbc holdings plc, london, business news, banks, united states,