Discussion

• @jeremy_hunt Jeremy Hunt on x

  This morning, the Government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC Deposits will be protected, with no taxpayer support I said yesterday that we would look after our tech sector, and we have worked urgently to deliver that promise

• @cetier1 @cetier1 on x

  Semantics if you ask me: taxpayers won't pay, but customers of healthy banks will. It's probably the same folks. https://twitter.com/...

• @hmtreasury @hmtreasury on x

  Silicon Valley Bank UK has today been sold to @HSBC. This transaction has been facilitated by the @bankofengland in consultation with HM Treasury. No taxpayer money is involved and customer deposits have been protected. Find out more ⬇️ https://www.gov.uk/...

• @jamestitcomb James Titcomb on x

  For a taste of the market chaos there would have been without a rescue, everyone is putting out an RNS this morning about their SVB exposure https://twitter.com/...

• @wublockchain Wu Blockchain on x

  HSBC Holdings plc announces that its UK ring-fenced subsidiary, HSBC UK Bank plc, is acquiring Silicon Valley Bank UK Limited (SVB UK) for £1. As at 10 March 2023, SVB UK had loans of around £5.5bn and deposits of around £6.7bn. https://www.londonstockexchange.com/ ...

• @arashmassoudi Arash Massoudi on x

  One for the record books Merger Monday AND Meltdown Monday 1) Pfizer to buy SeaGen for $43bn including debt 2) Silver Lake and CPPIB to buy Qualtrics for $12.5bn 3) HSBC to rescue SVB UK for £1 4) Sanofi to buy Provention Bio for $2.9bn Meanwhile all eyes on US regional banks

• @lisaabramowicz1 Lisa Abramowicz on x

  The response in HSBC shares says something about the risk tolerance of investors this morning & skepticism. https://twitter.com/... https://twitter.com/...

• @danielkorski Daniel Korski on x

  Fantastic news that @HSBC_UK will buy SVB UK. A good outcome which will help the UK technology sector continue its growth. A great relief for many. Thank you @RishiSunak @Jeremy_Hunt @michelledonelan for action and @Dom_Hallas and @Coadec for https://www.bankofengland.co.uk/ ....…

• @justin_cash_1 Justin Cash on x

  Very very nice, £1 bank. Very very cheap, £1 bank. https://www.fnlondon.com/...

• @samgyimah Sam Gyimah on x

  Congrats to the Treasury, Bank of England and all involved. Solid tech companies can make payroll, access banking facilities and invest in growing and supporting the economy due to the acquisition of SVB's UK entity by HSBC. https://twitter.com/...

• @loomdart @loomdart on x

  wow, silicon valley is getting into money laundering https://twitter.com/...

• @daniburgz Dani Burger on x

  “I don't think HSBC is doing this out of the generosity of their heart. They are looking at this to say, they can make some good money. However they need guarantees in place that the BOE will need to give to them,” Octavio Marenzi of Opimas tells me. https://twitter.com/...

• @bondhack Robert Smith on x

  To relief of everyone who would have struggled to keep track of another entity added to Sheikh Tahnoon's opaque web of companies, HSBC for there in the end! https://twitter.com/...

• @benedictcooney Benedict Cooney on x

  No taxpayer money involved. HSBC gets SVB for £1. All depositors can access services as normal. This looks like a great resolution for everyone. 👏 https://twitter.com/...

• @richardgrahamuk Richard Graham on x

  Governments face constant challenges. It's how they tackle them that matters. UK tech businesses wd have suffered badly from US bank SVB's sudden collapse. After @Jeremy_Hunt @bankofengland @HSBC action all is resolved https://twitter.com/...

• @georgewparker George Parker on x

  HSBC deal done - Britain's tech sector waking up to some good news https://www.ft.com/...

• @checkwarner Check Warner on x

  This is brilliant news for the UK tech sector and a great outcome for @HSBC_UK, the taxpayer and the Government. Kudos to all, as well as all the people working through the weekend in the tech sector to make this happen. Particularly @Dom_Hallas and @Coadec. https://twitter.com/.…

• @michelledonelan Michelle Donelan MP on x

  The continued success of the world leading UK tech sector is a Government priority - we've worked through the night to get this done. Safeguarding thousands of jobs without the need to spend taxpayer money. https://twitter.com/...

• @mjrobbins Martin F. Robbins on x

  Also the VCs and founders/CFOs who left piles of cash sitting in unprotected accounts. Even the tiny charity I advise has better controls than these people. https://twitter.com/...

• @ibrahimsaninet Ibrahim Sani on x

  Purchase price is £1.00 Can't wait to read its M&A report. https://twitter.com/...

• @bandrew Andy McLoughlin on x

  US VCs have been totally wrapped up in the SVB mothership debacle but alongside was a potential disaster unfolding for UK and European startups as SVB UK was shuttered. This is a great outcome for the sector and a huge relief for every entrepreneur there. https://twitter.com/...

• @georgewparker George Parker on x

  Exclusive - HSBC lined up as “white knight” to save Silicon Valley Bank after frantic all night talks, involving Sunak, Hunt, Andrew Bailey. Sunak “very hands on” from California. Announcement expected before markets open. https://www.ft.com/...

• @suzanneashman Suzanne on x

  Congrats HMT and teams who worked through last 72 hours to have ecosystem operating again by 9am - incredible to see everyone across government and ecosystem pull together to be in this place by Morning start of business 👏 https://twitter.com/...

• @thetranscript_ @thetranscript_ on x

  UK Chancellor of the Exchequer @jeremyhunt: “This morning, the government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC. Deposits will be protected, with no taxpayer support” $SIVB https://twitter.com/...

• @jespow Jesse Powell on x

  Looks like SVB UK is going to HSBC. Does the administration see this as a W? On the up side, you stuck it to “tech”. On the downside, if these allegations are to be believed, you sold your nationally strategic asset to China for $1. https://dailycaller.com/...

• @mayazi Maya Parody on x

  One pound = one failed bank But HSBC? https://www.londonstockexchange.com/ ...

• @jamestitcomb James Titcomb on x

  HSBC gets loans of £5.5bn and deposits of £6.7bn for less than the price of a Creme Egg https://twitter.com/...

• @edconwaysky Ed Conway on x

  Statement from @bankofengland: https://twitter.com/...

• @drsdeg Stephanie deGiorgio on x

  If only they put this much effort into saving their vulnerable populations from harm and making sure kids had food to eat. https://twitter.com/...

• @paulbranditv Paul Brand on x

  HSBC sale of SVB done. Huge relief for tech sector and a win for a govt desperate to re-establish the Conservatives' economic credibility after last autumn's events. https://twitter.com/...

• @justin_cash_1 Justin Cash on x

  “The HSBC takeover looks like a quick and clean solution,” Sir Keith Skeoch tells me. “However, SVB's issues also provide a timely reminder that at times of stress threats to critical economic services can come from outside the ring-fenced banks.” https://twitter.com/...

• @nickmacpherson2 Nick Macpherson on x

  A very good outcome confirming that the recovery and resolution regime works, and that SVB UK was sufficiently well regulated to have value despite the travails of its parent. Congratulations to the Bank of England and HMT. https://twitter.com/...

• @bondhack Robert Smith on x

  Bank of England announces that Silicon Valley Bank UK had £6.7bn of deposits when it collapsed, confirming FT reporting over weekend that it had “nearly £7bn” Understand it lost billions of pounds in deposits ahead of this! https://twitter.com/...

• @degenspartan @degenspartan on x

  kinda fucked up no one offered me i wouldve easily paid at least $2 https://twitter.com/...

• @edwinhayward @edwinhayward on x

  Even though HSBC is stepping in to buy SVB UK (wiping out shareholders) we shouldn't lose sight of the fact that the Institute for Economic Affairs were advocating that the business should have been allowed to fail, ie that thousands of tech firms should have been put at risk. ht…