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Silicon Valley Bank UK confirms it’s a standalone independent UK regulated bank. London, 10 March, 2023: Silicon Valley Bank UK, the financial partner of the i
by kmlx 4y ago
Silicon Valley Bank UK confirms it’s a standalone independent UK regulated bank.
London, 10 March, 2023: Silicon Valley Bank UK, the financial partner of the innovation economy, today moved to confirm to its UK clients, partners and external stakeholders its financial position as a standalone independent banking institution that is regulated and governed by the PRA in the UK.
Silicon Valley Bank UK has been an independent subsidiary since August 2022 with a separate balance sheet to the SVB Financial Group and an independent UK Board of directors. Silicon Valley Bank UK fully abides by the UK regulatory requirements as covered by the Financial Services Compensation Scheme and by the Financial Ombudsman Service. SVB UK, Ltd. is ring-fenced from the parent and its other subsidiaries.
Notes to editors
Funds from client deposits placed with SVB UK, Ltd. are managed in the UK for the benefit of our UK clients.
None of our operations in the EU outside our UK Subsidiary are licensed to or take deposits.
https://www.svb.com/press/release?Channel=45991&Account=SVB_UK&linkId=204871208 https://www.svb.com/press/release?Channel=45991&Account=SVB_...
- prennert 4y agoFor posterity: https://web.archive.org/web/20230310175421/https://www.svb.com/press/release?Channel=45991&Account=SVB_UK&linkId=204871208 https://web.archive.org/web/20230310175421/https://www.svb.c...
- rvnx 4y agoThe announcement is somewhat funny in a way that "independent Silicon Valley Bank"'s announcement actually happens on the website of the US website they are not supposed to have links with.
- Randalthorro 4y agoTheir regulatory framework and finances are independent not the company itself
- rvnx 4y agoYeah, and now, the "independent and safe" UK branch is preventing people to take their money. "SVB Online Banking (US, UK, Canada Branch Accounts) will be unavailable throughout the weekend."
- 0x00000000 4y agoDon’t worry guys, FTX.us is completely separate and independent from FTX.com
- ignoramous 4y agoWe bought two domain names to prove it!
- eclipticplane 4y agoThis press release didn't age well. https://www.bloomberg.com/news/articles/2023-03-10/svb-s-uk-business-poised-to-be-put-into-resolution-ft-reports#xj4y7vzkg https://www.bloomberg.com/news/articles/2023-03-10/svb-s-uk-...
- mirthflat83 4y agoLmao, just like FTX
- morpheuskafka 4y agoIf the assets are separate, it is still a very relevant point for depositors because the outcome of the UK receivership will be based on those separate assets. The amount that depositors in the UK bank recover may be completely different, higher or lower, than the depositors in the main bank.
- deepsun 4y agoWhat are insured maximums in the UK's equivalent of FDIC?
- alarmingfox 4y agoI believe the Financial Services Compensation Scheme (FSCS) in the UK insures deposits upto £85,000.