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The Latest Breaking News on Financial Services

US, UK Try to Stem Fallout from Silicon Valley Bank Collapse

Governments in the UK and US took extraordinary steps to stop a potential banking crisis after the historic failure of Silicon Valley Bank, even as another major bank was shut down. The UK Treasury and the Bank of England announced early Monday that they had facilitated the sale of Silicon…

Asharq Al-Awsat

Biden will address the nation about the collapse of Silicon Valley Bank

While the Biden administration has no intentions of bailing out the bank, it has introduced emergency measures to protect the US economy and give bank clients access to their funds

The Independent UK

France says no risk of contagion as governments handle SVB collapse fallout

The bankruptcies of US banks Silicon Valley Bank (SVB) and Signature do not pose a danger to French financial institutions, Finance Minister Bruno Le Maire said Monday as authorities in the US and UK took extraordinary steps to stop a potential banking crisis.

France 24

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THG and musicMagpie move to reassure investors as Silicon Valley Bank's UK arm is sold to HSBC

Chancellor Jeremy Hunt has confirmed that all customer deposits have been protected under the deal, and that no taxpayer cash was involved

Birmingham Post

Barclays to shut 14 more branches across UK - see full list of closures

Barclays will shut 11 branches across England, two in Wales and one in Scotland as part of its latest round of bank closures - see the full list of locations to check if your local is affected

Daily Mirror

UK arm of collapsed Silicon Valley Bank bought by HSBC

THE UK arm of collapsed US lender Silicon Valley Bank has been bought by HSBC after the Government and Bank of England stepped in to…

The National (Scotland)

Naked Wines, Trustpilot among UK-listed firms exposed to Silicon Valley Bank

Naked Wines and Trustpilot are among the biggest UK-listed firms with a material exposure to Silicon Valley Bank (SVB), it was revealed today, as businesses rushed to reassure shareholders they had enough cash to survive after the bank’s collapse on Friday.

Evening Standard

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HSBC buys UK arm of Silicon Valley Bank after collapse – latest updates

Some 200 UK tech companies had been put at risk by collapse

The Independent UK

HSBC to buy Silicon Valley Bank UK after weekend of crisis talks

Chancellor Jeremy Hunt said deposits will be protected

The Independent UK

HSBC buys UK arm of troubled Silicon Valley Bank with no cost to taxpayer

Silicon Valley Bank's (SVB) possible collapse had posed a serious threat to the tech sector which had deposited large amounts of cash with the bank. HSBC has now bought the UK arm of the struggling bank.

Wales Online

Silicon Valley Bank's U.K. arm sold to HSBC for £1

Despite its name, the bank best known for serving startups as its customers is a global business, with outposts outside of the U.S.

Axios

Silicon Valley Bank's UK arm is sold to HSBC to protect customers

Government and Bank of England helped facilitate the deal amid fears that the tech sector would be devastated by the bank's failure

Birmingham Post

Silicon Valley Bank UK arm is sold to HSBC with all deposits 'safe and secure'

Chancellor says SVBUK customers should 'feel reassured by the strength, safety and security' of HSBC

Insider UK

'Banks in India stand out amid Silicon Valley Bank crisis'

NEW DELHI: Indian banks’ large reliance on local deposits cushions them as global peers are facing potential contagion from the woes emanating from Silicon Valley Bank, according to Macquarie Group Ltd.

The Times of India

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The Independent UK

AP News Digest 3:30 a.m.

Here are the AP’s latest coverage plans, top stories and promotable content. All times EST. For up-to-the minute information on AP’s coverage, visit Coverage Plan.

Evening Standard

FTSE 100 Live: HSBC acquires Silicon Valley Bank UK, lowest FTSE close of 2023

Banking giant HSBC has stepped in to rescue the UK operations of tech sector lender Silicon Valley Bank.

Evening Standard

HSBC buys UK arm of Silicon Valley Bank

Deal is huge relief to UK tech sector, as many as 30% of whom had accounts with SVB

Daily Mirror

Jeremy Hunt announces sale of Silicon Valley Bank to HSBC in rescue package

Over the weekend the Chancellor said there was a 'serious risk' to the UK's technology and life sciences sectors as a result of the collapse of Silicon Valley Bank.

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The Independent UK

HSBC buys UK arm of Silicon Valley Bank after collapse – latest

Some 200 UK tech companies had been put at risk by collapse

The Guardian - UK

Silicon Valley Bank: FTSE 100 tumbles 2.5%; HSBC rescues SVB UK – as it happened

Silicon Valley Bank UK has been sold to HSBC, in a deal that protects depositors’ money, says Treasury and Bank of England after weekend talks

The Guardian - AU

Silicon Valley Bank: why did it collapse and is this the start of a banking crisis?

Until last Friday Silicon Valley Bank was the 16th largest bank in the US, worth more than $200bn

Bangkok Post

US banks' collapse not hurting Thailand, govt says

The collapse of Silvergate Bank and Silicon Valley Bank in the United States is unlikely to have any impact on Thailand because Thai banks do not invest in them, according to a government spokeswoman.

Axios

J.P. Morgan, PNC among suitors for SVB holding company

Talks exclude the stricken commercial bank, sources told Axios.

France 24

Banking system is 'safe', Biden assures Americans after SVB collapse

US President Joe Biden on Monday reassured Americans that their banking system is safe in the wake of the sudden collapse of Silicon Valley Bank (SVB) and the federal takeover of a second bank.

Tribune News Service

US says all SVB deposits safe, creates new backstop for banks

U.S. authorities raced on Sunday to stem jitters about the health of the nation’s financial system, pledging to fully protect all depositors’ money following the collapse of Silicon Valley Bank while also giving any banks squeezed for cash easier terms on short-term loans.

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