fbpx
  • About Us
  • Contact
  • Sponsored Content
  • Price Tracker
  • Write for Us
  • Terms and Conditions
Coin Culture
  • Markets
  • Policy
  • Tech
  • People
  • Business
  • 101 Guide
    • Bitcoin Guide
    • Blockchain Guide
    • Ethereum Guide
    • DeFi Guide
    • Trading Guide
    • Bitcoin Cash Guide
    • Ripple Guide
    • NFT
  • Hot topics
    • NFT
    • Games
  • Forecast
    • Ethereum
    • Bitcoin
  • Exchanges
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Crypto.com Review
      • Swyftx Review
      • Zipmex Review
      • Pionex Review
      • Gemini Review
      • CoinList Review
      • OKX Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx
      • CoinSpot vs Digital Surge
      • CoinSpot vs Coinbase
      • Coinspot vs Binance
      • CoinSpot vs Kraken
      • CoinSpot vs Independent Reserve
      • CoinSpot vs Bitfinex
      • Coinspot vs Plus500
      • CoinSpot vs Bittrex
      • CoinSpot vs BTC Markets
      • CoinSpot Vs Etoro
      • CoinSpot vs Cointree
      • CoinSpot vs KuCoin
      • Crypto.com Vs Coinbase
      • Crypto.com vs Binance
      • Swyftx vs. Independent Reserve
      • Swyftx vs. CoinJar
      • KuCoin vs. Coinbase
No Result
View All Result
Coin Culture
  • Markets
  • Policy
  • Tech
  • People
  • Business
  • 101 Guide
    • Bitcoin Guide
    • Blockchain Guide
    • Ethereum Guide
    • DeFi Guide
    • Trading Guide
    • Bitcoin Cash Guide
    • Ripple Guide
    • NFT
  • Hot topics
    • NFT
    • Games
  • Forecast
    • Ethereum
    • Bitcoin
  • Exchanges
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Crypto.com Review
      • Swyftx Review
      • Zipmex Review
      • Pionex Review
      • Gemini Review
      • CoinList Review
      • OKX Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx
      • CoinSpot vs Digital Surge
      • CoinSpot vs Coinbase
      • Coinspot vs Binance
      • CoinSpot vs Kraken
      • CoinSpot vs Independent Reserve
      • CoinSpot vs Bitfinex
      • Coinspot vs Plus500
      • CoinSpot vs Bittrex
      • CoinSpot vs BTC Markets
      • CoinSpot Vs Etoro
      • CoinSpot vs Cointree
      • CoinSpot vs KuCoin
      • Crypto.com Vs Coinbase
      • Crypto.com vs Binance
      • Swyftx vs. Independent Reserve
      • Swyftx vs. CoinJar
      • KuCoin vs. Coinbase
No Result
View All Result
Coin Culture Logo
No Result
View All Result

Home » Silicon Valley Bank U.K. Sold To HSBC For ONE POUND

Silicon Valley Bank U.K. Sold To HSBC For ONE POUND

Van Tran by Van Tran
March 14, 2023
in Business
Silicon Valley Bank U.K. Sold To HSBC For ONE POUND
Share on FacebookShare on Twitter

With a new purchase, the world’s largest bank, HSBC, has helped the U.K. branch of Silicon Valley Bank, which had gone bankrupt, get back on its feet. HSBC officially declared on March 13 that its subsidiary, HSBC UK Bank, is purchasing Silicon Valley Bank U.K. (SVB UK) for a price of 1 British pound ($1.21).  

You might also like

KyberSwap hacker deployed an “infinite money glitch” to drain funds

KyberSwap DEX Falls Victim to $46 Million Exploitation, TVL Plummets by 68%

U.S. officials reveal $4.3B settlement with Binance and Plea Deal with CZ

According to the announcement, as of March 10, 2023, SVB UK held loans of approximately $6.7 billion and deposits of around $8.1 billion. SVB UK made a profit before taxes of $107 million in the fiscal year ending December 31, 2022. It is expected that SVB UK will have tangible equity of about $1.7 billion.

HSBC said that the final number for the gain from the purchase would be given in the future. The acquisition excludes the assets and liabilities of the parent companies of SVB UK. HSBC would pay for the purchase with money it already had and finish it immediately.

HSBC's logo on a branch bank in New York, U.S. REUTERS/Brendan McDermid
HSBC’s logo on a branch bank in New York, U.S. REUTERS/Brendan McDermid

CEO of HSBC Group Noel Quinn said that buying the bank is a great strategic move for HSBC’s business in the U.K. He said it strengthens HSBC’s commercial banking business and serves new and growing businesses better. Quinn said:

“We welcome SVB UK’s customers to HSBC and look forward to helping them grow in the U.K. and around the world….SVB UK customers can continue to bank as usual, safe in the knowledge that their deposits are backed by the strength, safety and security of HSBC.”

Following the U.S. authorities’ order to shut down operations on March 10, panic swept through the crypto markets as several significant crypto firms like Circle and Coinbase had substantial exposure to the Silicon Valley Bank (SVB). As a result, news emerged that HSBC UK Bank would acquire SVB UK.

Due to the collapse of SVB, Circle, which issued USD Coin, the second-largest stablecoin by market value, cannot withdraw $3.3 billion of its $40 billion reserves. Meanwhile, Coinbase had roughly $240 million in corporate funds at Signature but is optimistic about recovering the entire amount. 

The company that made stablecoins USDP and the troubled USDT stablecoin also had $250 million stuck at Signature. Still, their private insurance is expected to cover the amount.

Tags: BanksStablecoins
Van Tran

Van Tran

Recommended For You

KyberSwap hacker deployed an “infinite money glitch” to drain funds

by Van Tran
November 27, 2023
0
KyberSwap hacker deployed an "infinite money glitch" to drain funds

According to a social media thread by Ambient exchange founder Doug Colkitt, the KyberSwap $46-million attacker employed a "complex and carefully engineered smart contract exploit," which Colkitt called...

Read more

KyberSwap DEX Falls Victim to $46 Million Exploitation, TVL Plummets by 68%

by Van Tran
November 24, 2023
0
KyberSwap DEX Falls Victim to $46 Million Exploitation, TVL Plummets by 68%

Approximately $46 million in multiple crypto assets has potentially been drained from the decentralised KyberSwap exchange in the latest decentralised finance exploit.   In an X (Twitter) post on...

Read more

U.S. officials reveal $4.3B settlement with Binance and Plea Deal with CZ

by Van Tran
November 23, 2023
0
U.S. officials reveal $4.3B settlement with Binance and Plea Deal with CZ

Authorities with the United States Department of Justice disclosed a $4.3 billion settlement with Binance, accompanied by a plea deal with CEO Changpend “C.Z.” Zhao. Officials announced that...

Read more

Breaking News: SEC Sues Kraken for Operating an Online Trading Platform with Assets based on Investment Contracts

by Van Tran
November 22, 2023
0
Breaking News: SEC Sues Kraken for Operating an Online Trading Platform with Assets based on Investment Contracts

According to sources from Reuters, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Payward Inc., generally referred to as “Kranken.”  Kraken is alleged to...

Read more

Aave Companies Transforms into Avara, Acquires Ethereum Self-Custody’s Self-Custody’ Family Wallet

by Van Tran
November 20, 2023
0
Aave Companies Transforms into Avara, Acquires Ethereum Self-Custody's Self-Custody' Family Wallet

Aave Companies has undergone a rebranding, transforming into Avara, to extend its reach across the Web3 ecosystem. Stani Kulechov, Avara's founder and CEO, explained that the expansion of...

Read more
Next Post
Justin Sun Wants Robust Banking Infrastructure To Bridge Banking With Crypto

Justin Sun Wants Robust Banking Infrastructure To Bridge Banking With Crypto

Most popular

  • Quantum AI Review 2023: Is Quantum AI Legit or Scam?

    Quantum AI Review 2023: Is Quantum AI Legit or Scam?

    132 shares
    Share 53 Tweet 33
  • 11 Best Crypto Debit Cards In Australia: A Curated List 2023

    323 shares
    Share 129 Tweet 81
  • Shiba Inu Price Prediction 2023-2030: Is SHIB Worth Your Investment?

    290 shares
    Share 116 Tweet 73
  • BTT Price Predictions 2023-2030: Is BitTorrent a Good Investment?

    97 shares
    Share 39 Tweet 24
  • VRA Price Predictions 2023-2030: Can VRA Price Exceed $1?

    165 shares
    Share 66 Tweet 41

Recommended

Celsius Price Prediction

Celsius Price Prediction

December 3, 2023
Australian tax data delineates an increasing desire to hold crypto for DIY retirement

Australian tax data delineates an increasing desire to hold crypto for DIY retirement

December 3, 2023
Experts Claim UK Won't Excuse Ignorance in the Hunt for Unpaid Crypto Taxes

Experts Claim UK Won’t Excuse Ignorance in the Hunt for Unpaid Crypto Taxes

December 3, 2023
BitMart Exchange Review

BitMart Exchange Review

December 3, 2023
Facebook Twitter Instagram
coin culture logo

Your Australian news source for all things cryptocurrency. Coin Culture is an independent media outlet that aims to provide an Aussie take on crypto, digital assets, and investing.

Hot Topics

  • DeFi
  • NFT
  • Gaming

Top articles

CoinSpot Review
Swyftx Review
Best Crypto Exchanges Australia
CoinSpot vs Swyftx

BROWSE BY TAG

Adoption Altcoin News Banks Bitcoin Bitcoin News btc Business Cardano CBDC China Coinbase CoinSpot Crypto Cryptocurrencies Crypto Exchange DeFi El Salvador ETF Ethereum Exchanges Feature FTX Games hacks Markets Metaverse Mining NFT NFT Game Opinion People Policy and Regulation SAM SEC Security Solana Stablecoins Tech Terra Top Crypto News Australia | CoinCulture Trading U.S. US web3 XRP News

© 2023 CoinCulture. All rights reserved.

No Result
View All Result
  • Markets
  • Policy
  • Tech
  • People
  • Business
  • 101 Guide
    • Bitcoin Guide
    • Blockchain Guide
    • Ethereum Guide
    • DeFi Guide
    • Trading Guide
    • Bitcoin Cash Guide
    • Ripple Guide
    • NFT
  • Hot topics
    • NFT
    • Games
  • Forecast
    • Ethereum
    • Bitcoin
  • Exchanges
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Crypto.com Review
      • Swyftx Review
      • Zipmex Review
      • Pionex Review
      • Gemini Review
      • CoinList Review
      • OKX Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx
      • CoinSpot vs Digital Surge
      • CoinSpot vs Coinbase
      • Coinspot vs Binance
      • CoinSpot vs Kraken
      • CoinSpot vs Independent Reserve
      • CoinSpot vs Bitfinex
      • Coinspot vs Plus500
      • CoinSpot vs Bittrex
      • CoinSpot vs BTC Markets
      • CoinSpot Vs Etoro
      • CoinSpot vs Cointree
      • CoinSpot vs KuCoin
      • Crypto.com Vs Coinbase
      • Crypto.com vs Binance
      • Swyftx vs. Independent Reserve
      • Swyftx vs. CoinJar
      • KuCoin vs. Coinbase

© 2023 CoinCulture. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.
  • bitcoinBitcoin(BTC)$39,455.002.06%
    BITCOIN
    24H : 2.06%
    Volume : $14,772,393,026.00
    Marketcap : $772,105,268,852.00
  • ethereumEthereum(ETH)$2,161.173.56%
    ETHEREUM
    24H : 3.56%
    Volume : $14,750,086,319.00
    Marketcap : $260,121,188,166.00
  • tetherTether(USDT)$1.000-0.03%
    TETHER
    24H : -0.03%
    Volume : $28,632,861,920.00
    Marketcap : $89,541,568,954.00
  • binancecoinBNB(BNB)$229.820.680%
    BNB
    24H : 0.680%
    Volume : $535,775,055.00
    Marketcap : $35,335,728,074.00
  • rippleXRP(XRP)$0.6201.36%
    XRP
    24H : 1.36%
    Volume : $564,420,347.00
    Marketcap : $33,402,670,771.00
  • solanaSolana(SOL)$63.896.76%
    SOLANA
    24H : 6.76%
    Volume : $1,430,892,366.00
    Marketcap : $27,102,575,446.00
  • usd-coinUSDC(USDC)$1.0000.050%
    USDC
    24H : 0.050%
    Volume : $7,102,100,120.00
    Marketcap : $24,525,676,911.00
  • staked-etherLido Staked Ether(STETH)$2,160.533.51%
    LIDO STAKED ETHER
    24H : 3.51%
    Volume : $8,195,806.00
    Marketcap : $20,061,500,560.00
  • cardanoCardano(ADA)$0.3983.94%
    CARDANO
    24H : 3.94%
    Volume : $267,945,074.00
    Marketcap : $13,945,923,658.00
  • dogecoinDogecoin(DOGE)$0.0862.91%
    DOGECOIN
    24H : 2.91%
    Volume : $609,749,446.00
    Marketcap : $12,241,266,328.00

Add New Playlist