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Remember in March when HSBC bought SVB (UK) as the tech-focused US parent bank’s depositors fled after a failed capital raise to plug the black hole where its US Treasury bond portfolio used to be?
It could turn out to be the best £1 HSBC has ever spent.
“Thank goodness we won’t be hearing about them again,” a senior source at one large UK bank told Euromoney at the time. “I was getting sick of being told how great SVB (UK) was at venture debt.”
This bank has a history of entrepreneurism. It took a day and half to make the decision on SVB (UK)
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She won’t be hearing that name anymore. Unfortunately, there’s every chance that the unflattering comparisons will persist and may get much worse.
Originally plugged into the acquirer’s ring-fenced UK lender, HSBC UK Bank, SVB (UK) now lives on as part of a new organization, HSBC Innovation Banking, which its owner describes as a globally connected, specialized banking proposition to support a broad range of innovation businesses and their investors.
HSBC