Silicon Valley Bank rescue: A sigh of relief for tech business

Time for other banks to adapt

Various triggers have been highlighted as contributing to the collapse of one of America’s top 20 largest banks - Silicon Valley Bank (SVB).

From rises in interest rates, poor investment decisions and a deterioration in its customer base, to a loss of customer confidence as share prices dropped, along with the impact caused by using outdated technology, there remains a wider concern that other banks might follow. Supporting tech innovation in the UK Whatever the cause of the collapse of SVB, there has been huge relief amongst tech business founders this week as HSBC Bank stepped in. HSBC worked with the UK government to rescue SVB's UK subsidiary (SVB UK) which was ringfenced from the US business, with HSBC ultimately acqui...