Industry reacts as HSBC buys UK arm of SVB and US regulators backstop deposits 

Mark Battersby
clock • 5 min read

HSBC has stepped in to buy UK arm of Silicon Valley Bank (SVB) while US regulators safeguard deposits and offer liquidity to wider financial sector through the Bank Term Lending Program.  The dramatic failure of tech start-up focused SVB Financial Group on 10 March was the biggest bank collapse in the US since the 2008 financial crisis. In early industry reaction to the quickly unfolding situation, Susannah Streeter, head of money and markets, Hargreaves Lansdown, said: ‘'White knights are coming to the rescue after a weekend of intense negotiations to stem contagion from the SVB coll...

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