with a goal Avoid “technical chaos”Rishi Sunak’s government made the process possible, and ensured that no public funds were involved.
“SVB UK customers will be able to access their deposits and banking services as normal from today”stressed the British Treasury, in a statement.
“We were facing a situation where some of our most important strategic companies could be eliminated”Finance Minister Jeremy Hunt told British media, adding that it was “too dangerous”.
According to Hunt, “The UK banking system is very secure” and showed “resilience to what happened over the weekend” and after being able to “find a solution so quickly”.
In a statement sent to the Hong Kong Stock Exchange, where it is listed, HSBC values the equity of subsidiary SBV UK at £1.4 billion (€1.58 billion).
“This acquisition makes strategic sense for our UK business.”HSBC CEO Noel Cowen said in the statement.
employment The purchase of a UK subsidiary “enhances our brand as a retail bank and enhances our ability to support innovative and fast-growing businesses, including in the technology and life sciences sectors, both in the UK and internationally”It is to explain.
It must be remembered that the American Bank was an important financier of British startups.
HSBC has prepared a plan to cut costs and thousands of jobs in Europe and the United States, with the aim of strengthening its presence in Asia, its main market.
Guaranteed deposits
From France comes the guarantee of Finance Minister Bruno Le Maire The collapse of US banks poses no danger to the US banking system. But he added, speaking to France Info Le Mer radio, that the situation is being monitored.
Now the President of the United States She promised that those responsible for the country’s bank failures would be held accountable. with the current situation, Joe Biden emphasized that American citizens and businesses can count on bank deposits.The statement comes after US regulators announced, on Friday, another bank closure – the second, within three days. New York-based Signature is one of the largest banks associated with the cryptocurrency industry.
“Let me make it clear that during the financial crisis there were investors and large systemic bankers who were bailed out and the reforms in place mean we will not do that again.”Yellen has been featured on CBS’s Face the Nation.
The US banking system is safe, well capitalized, and resilient. Americans can count on the integrity and health of our banking system.”
On Sunday, US regulators announced a deposit protection scheme for SVB clients.The Treasury Department, the Federal Reserve (Fed), and the Federal Deposit Insurance Corporation (FDIC) said in a joint statement that customers will be able to access all funds held in SVB.
With this plan, the three applicant entities, US taxpayers “will not bear the losses” of the bank and deposits will be protected in order to “facilitate access to credit for families and businesses.”
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