3 ms·

Does anyone know if this includes SVB UK as well? Or, given it's run by FDIC, it only relates to the (much bigger) US business?

700000thMistake 4y ago
Just read the UK SVB was just taken over too by UK gov.
shagymoe 4y ago
I've read that SVB UK is a totally separate entity and not affected. I have no evidence of that though.
- WJW 4y ago
  SVB UK was just placed into an insolvency procedure by the Bank of England, so I guess they were not as separate as they thought. (https://www.bankofengland.co.uk/news/2023/march/boe-statement-silicon-valley-bank-uk https://www.bankofengland.co.uk/news/2023/march/boe-statemen...)
  - PeterisP 4y ago
    No, as the article states, it intends to place SVB UK into an insolvency procedure but has not placed it yet. It makes a conservative assumption that this procedure might be needed "absent any meaningful further information", but if SVB UK provides such information and shows that it is separate and solvent, then it can avoid this procedure, in which case it would probably get sold to someone to pay the parent company's liabilities.
    - WJW 4y ago
      They've been acquired by HSBC for a single pound, so it was probably not very solvent.
fredoralive 4y ago
It seems that SVB UK is being handled separately by the UK authorities, with a separate attempt to find a buyer for that business.
forbiddenlake 4y ago
> the BoE said: “SVB UK has a limited presence in the UK and no critical functions supporting the financial system. In the interim, the firm will stop making payments or accepting deposits.” SVB UK confirmed it would be put into insolvency from this Sunday evening (tomorrow). https://techcrunch.com/2023/03/11/svb-contagion-uk-arm-shuts-down-government-scrambles-and-startups-brace-for-the-worst/ https://techcrunch.com/2023/03/11/svb-contagion-uk-arm-shuts...

3 ms·

Does anyone know if this includes SVB UK as well? Or, given it's run by FDIC, it only relates to the (much bigger) US business?

by simonebrunozzi 4y ago

700000thMistake 4y ago
Just read the UK SVB was just taken over too by UK gov.
shagymoe 4y ago
I've read that SVB UK is a totally separate entity and not affected. I have no evidence of that though.
- WJW 4y ago
  SVB UK was just placed into an insolvency procedure by the Bank of England, so I guess they were not as separate as they thought. (https://www.bankofengland.co.uk/news/2023/march/boe-statement-silicon-valley-bank-uk https://www.bankofengland.co.uk/news/2023/march/boe-statemen...)
  - PeterisP 4y ago
    No, as the article states, it intends to place SVB UK into an insolvency procedure but has not placed it yet. It makes a conservative assumption that this procedure might be needed "absent any meaningful further information", but if SVB UK provides such information and shows that it is separate and solvent, then it can avoid this procedure, in which case it would probably get sold to someone to pay the parent company's liabilities.
    - WJW 4y ago
      They've been acquired by HSBC for a single pound, so it was probably not very solvent.
fredoralive 4y ago
It seems that SVB UK is being handled separately by the UK authorities, with a separate attempt to find a buyer for that business.
forbiddenlake 4y ago
> the BoE said: “SVB UK has a limited presence in the UK and no critical functions supporting the financial system. In the interim, the firm will stop making payments or accepting deposits.” SVB UK confirmed it would be put into insolvency from this Sunday evening (tomorrow). https://techcrunch.com/2023/03/11/svb-contagion-uk-arm-shuts-down-government-scrambles-and-startups-brace-for-the-worst/ https://techcrunch.com/2023/03/11/svb-contagion-uk-arm-shuts...