In the acquisition of the UK division of Silicon Valley Bank, instead of one pound sterling, HSBC income comes.
After the collapse of the American SVB, the British government and the Bank of England tried to find a solution to “avoid or minimize” the potential damage to the bank’s British division.
As part of the sale of the HSBC division, deposits will be protected.
Treasury Secretary Jeremy Hunt said in a statement that taxpayers would not be burdened.
US authorities bail out depositors fearful of dominoes
The decision to bail out Silicon Valley Bank depositors was made by the US authorities in an attempt to limit the panic, risk of dominoes and another financial crisis following the collapse of the bank.
As announced, SVB clients will have access to all their funds from Monday.
The same applies to clients of Signature Bank, which closed on Sunday.
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Source: Kathimerini
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