Next month, HSBC plans to change the brand of the UK branch of SVB (Silicon Valley Bank) to HSBC Innovation Banking, Sky News reports. This follows the private purchase of SVB UK by HSBC in March, an agreement facilitated by the British government and the Bank of England, aimed at protecting deposits without the help of taxpayers.
SVB Financial Group, a lender focusing on startups, has earned the unfortunate title of the biggest bank to collapse since the 2008 financial crisis. Its sharp drop in March rattled global markets, leaving billions of dollars of corporate and investor funds in suspension.
Silicon Valley Bank then filed for bankruptcy after it was shut down by regulators in California, who subsequently appointed the Federal Deposit Insurance Corporation (FDIC) as its receiver. An agreement was then reached for the regional lender to acquire First Citizens BancShares Bank Silicon Valley Bank.