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There doesn't have to be a CEO but there will be a UK legal entity, subject to UK regulation (presumably the PRA) and with its own board.
by lucozade 4y ago
There doesn't have to be a CEO but there will be a UK legal entity, subject to UK regulation (presumably the PRA) and with its own board.
- AdamN 4y agoOk I think I get it now. The UK regulator seized the bank and the accounts and sold both to HSBC. The US regulator just seized the accounts, which have now been backstopped fully, and the SVB bank itself is just operating for a while longer as they find a buyer for the carcass?
- justincormack 4y agoNo SVB has been shut down too. SVB UK is an independent company as of fairly recently. Banks have different regulatory environments than normal companies and no control if things go wrong.
- AdamN 4y agoSVB still has employees that are apparently going to continue to get paid for a number of weeks (years for the ktlo people probably). The creation of a separate entity for all the assets makes me think that they've separated the two and that SVB itself isn't shut down just yet (although clearly it's a carcass as I said before with a value near zero).