In a deal that was facilitated by the Bank of England and the Treasury, Silicon Valley Bank UK Ltd. was officially bought by HSBC. The Banking Act of 2009, which permits the safe management of bank failures without the involvement of taxpayer money, provides powers that made the deal possible.

Given that Silicon Valley Bank has played a big role in assisting start-ups and scale-ups, this deal is an important milestone for the UK's digital industry.

Silicon Valley Bank is renowned for offering clients in the IT industry on-demand banking services and financial solutions. It has been a notable advocate for start-ups and scale-ups, assisting business owners in achieving their objectives by giving them access to resources, money, and networking opportunities. Customers may carry on with their banking as usual thanks to the sale of Silicon Valley Bank UK to HSBC, which guarantees the protection of their deposits.

Chancellor Jeremy Hunt applauded the acquisition and emphasized the value of the UK's tech industry in fostering job growth and the nation's economy. With the acquisition, HSBC has expanded its global customer base to 39 million people. Using the authority afforded by the Banking Act 2009 to safeguard both Silicon Valley Bank UK customers and taxpayers, the Bank of England and the Treasury were instrumental in enabling the sale.

Global investors like HSBC have been drawn to the UK's vibrant start-up and scale-up ecosystem, encouraging the country's tech industry to grow. The strength of the industry and its capacity to draw investment are demonstrated by the sale of Silicon Valley Bank UK to HSBC. The UK's tech industry is well-positioned for ongoing growth and innovation thanks to the assistance of major international players like HSBC.

Ultimately, the sale of #SVB UK to #HSBC represents an important development for the UK's technology industry. It emphasizes the value of safeguarding client funds as well as the government's and the Bank of England's roles in facilitating private transactions that boost the economy and create jobs. The UK's tech sector is well-positioned for future growth and success because to the ongoing support of major players on the international stage like HSBC.

The former parent company of Silicon Valley Bank, #SVB Financial Group, has filed for Chapter 11 #bankruptcy in the United States. "Preserve value," according to Bankruptcy Court for the Southern District of New York.

In order to preserve value, the troubled SVB Financial Group voluntarily petitioned the United States Bankruptcy Court for a Chapter 11 reorganization under court supervision.

The funds of SVB Capital, its broker-dealer SVB Securities, and the general partner entities' funds are not subject to the bankruptcy proceedings, according to a statement made by SVB on March 17. Although SVB Financial Group continues to investigate strategic alternatives for its companies, the entities will carry on as usual.

Also, SVB Financial Group made clear that it was no longer associated with Silicon Valley Bank N.A. or SVB Private, the bank's private banking and wealth management division. Silicon Valley Bridge Bank, N.A., the bank's successor, is not a party to the Chapter 11 petition and is managed by the Federal Deposit Insurance Corporation (FDIC).

SVB Group estimates that the company has $2.2 billion in liquid assets. The company has "other attractive investment securities accounts and other assets" in addition to cash and its holdings in SVB Capital and SVB Securities, for which it is also considering strategic options.

The release states that the approximately $3.3 billion in total principal amount of unsecured notes that make up SVB Group's financed debt have "sole recourse to SVB Financial Group" and have no bearing on SVB Capital or SVB Securities. Moreover, SVB Group owns $3.7 billion in preferred stock.

The court-supervised procedure will be used by SVB Group to assess strategic options for SVB Capital, SVB Securities, and other assets, according to William Kosturos, chief restructuring officer of SVB Group.

"The Chapter 11 process will allow SVB Financial Group to preserve value as it evaluates strategic alternatives for its prized businesses and assets, especially SVB Capital and SVB Securities.”

Kosturos emphasized that SVB Capital and SVB Securities will continue to run independently and provide client service.

In addition to the traditional banking sector, the ongoing SVB issue has also caused significant uncertainty in various #cryptocurrency markets. Once the bank ceased operations on March 8, Circle, the owner of the popular stablecoin USD Coin #USDC $1.00, had $3.3 billion, or around 8% of its reserves, linked to SVB. Owing to the circumstances, USDC briefly lost its peg, falling to $0.87, before regaining it amid news of the SVB's resolution.

On March 13, the financial behemoth #HSBC made public the acquisition of Silicon Valley Bank UK by its affiliate, HSBC UK Bank, for one British pound, or $1.2. Noel Quinn, the CEO of HSBC Group, stated that the acquisition strengthened HSBC's commercial banking brand and made "great strategic sense" for the company's operations in the United Kingdom.

HSBC has just launched a groundbreaking gold tokenization product for retail investors in Hong Kong, in collaboration with Swiss crypto specialist Metaco. This move marks a significant step in blending traditional finance with modern blockchain technology, offering a new, secure way to invest in gold.
Key Highlights:
First of its kind in Hong Kong by a major bank.Makes investing in gold more accessible and efficient.Partnership with crypto custody expert, Metaco.
This innovation opens up fresh investment opportunities and could lead the way for more blockchain-based financial products. Stay updated on how this transforms the investment scene!
#HSBC #BlockchainCommunity #GoldTokens #HongKong #InvestingJourney

#crypto news update :

Hong Kong's largest bank, #HSBC , has launched #bitcoin and $ETH ETF trading for its clients. This makes HSBC the first lender in Hong Kong to allow its customers access to digital asset derivatives.

The ETFs, which are traded as securities, are the CSOP Bitcoin Futures ETF, the CSOP Ethereum Futures ETF, and the Samsung Bitcoin Futures Active ETF. They are traded on the Hong Kong Stock Exchange (HKEX).

The launch of the ETFs is seen as a sign of growing institutional interest in cryptocurrencies. HSBC has said that it is committed to providing its customers with access to a wide range of investment products, including cryptocurrencies.

#bitcoinetf #BinanceTournament

$BNB $BTC