Silicon Valley Bank news: In collapse, Britain looks to bail out tech companies
EEUU-BANCO-QUIEBRA-WASHINGTON
(AP)
Around 200 British tech companies “seriously at risk” from the collapse of Silicon Valley Bank’s UK arm are set to learn their fate this morning as the government is due to make an announcement.
Rishi Sunak hinted that a government announcement on Silicon Valley Bank UK would be forthcoming. Speaking to reporters on a trip to San Diego, he said, “We’ll have something to say shortly.
“But we will continue to support our world-leading technology sector and all the high-skilled jobs it supports, and you should also have peace of mind that our entire financial system is healthy and there is nothing to worry about.”
He added: “I understand the concern that people have gotten around to what is going on with the SVB, so I worked with the Chancellor all weekend and actually flew by on the plane with the Bank of England and our regulators about the finding speaking the best solution.”
Meanwhile, a number of potential buyers are circling the failed lender.
Banking giants HSBC and JP Morgan were among several parties considering buying the bank’s UK operations, Sky News reported. Both declined to comment.
Breaking: HSBC buys SVB
The government and Bank of England have “facilitated a private sale” of Silicon Valley Bank UK to HSBC without “taxpayer support,” Chancellor Jeremy Hunt said.
We’ll know more about this groundbreaking story as it rolls in.
Matt MathersMarch 13, 2023 07:05
Full Story: More than 200 UK firms are ‘seriously at risk’ from the collapse of Silicon Valley Bank.
At least 200 UK tech companies are “seriously at risk” from the collapse of Silicon Valley Bank’s UK arm.
Rishi Sunak and the Chancellor held emergency talks with Bank of England Governor Andrew Bailey this weekend to find a lifeline for affected businesses if the bank defaults.
Meanwhile, a number of potential buyers are circling the failed lender.
Banking giants HSBC and JP Morgan were among several parties considering buying the bank’s UK operations, Sky news reported. Both declined to comment.
Matt MathersMarch 13, 2023 07:02
Good morning and welcome to The Independent’s live coverage.
The government is expected to make an announcement after the UK branch of Silicon Valley Bank collapsed, putting 250 UK tech companies at “serious risk”.
Stay tuned for the latest updates.
Matt MathersMarch 13, 2023 07:00
https://www.independent.co.uk/news/uk/home-news/silicon-valley-bank-collapse-uk-companies-b2299505.html Silicon Valley Bank news: In collapse, Britain looks to bail out tech companies
