The UK arm of Silicon Valley Bank saw a significant increase in deposits after it was sold to HSBC for £1 on 13 March.
SVB UK's deposit base is now believed to be over £7bn, Sky News reported. This followed data from the Bank of England which revealed yesterday (23 March) that nearly £3bn was withdrawn from the bank between 9 and 10 March, when the US parent company collapsed. Around £300m was given to SVB UK by business customers since the HSBC acquisition was announced, with net inflows being recorded daily. Contagion is 'spreading' from banking to real economy HSBC did not reply to a comment request. US SVB's US parent company has seen the Federal Deposit Insurance Corporation extend the...
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