Bankrupt Silicon Valley’s UK Arm Is Being Acquired For Just Rs 99.
Points–
- HSBC Bank is Buying A Branch Of Silicon Valley Bank for just 99 Rupees
- The Latest Attempt To save Silicon Valley banks,
- Another Bank Closed in America on Sunday
The Situation In America Is Gradually Turning Around. The Banking Crisis Is Weighing Heavily On The World’s Most Powerful Nation. However, The Federal Reserve has Reassured Bank Customers. But There is No Way To Stop The Noise. In The Meantime, it is Heard That HSBC Bank is Buying A Branch of Silicon Valley Bank For Just 99 Rupees. HSBC Bank Has Announced The Acquisition Of The UK arm of Silicon Valley Bank.
Bank Employees Never Dreamed That A Branch of Their Company Would Not Be Sold Even For Rs 100. But it Was Seen In Practice. According To Data Provided by HSBC, The Branch Of The Silicon Valley bank has about £5.5 Billion In Loans And £6.7 billion in Deposits. However, The Last Attempt To Save The Silicon Valley Bank Is Being Made In The US. Because Common People Have A Lot Of Money Deposited In This Bank.
What did British Chancellor Jeremy Hunt say?
Britain’s Chancellor Jeremy Hunt said in a Tweet This Morning That The Government And The Bank of England Have Given Permission To HSBC Bank To Buy The UK Branch Of Silicon Valley Bank.
HSBC’s Noel Quinn Said In A Statement, “We welcome SVB UK customers to HSBC. They Will Be Looked At For Further Improvement in Britain And Around The World. SVB UK Customers Will Have Full Access To Their Accounts At The Bank. HSBC Also Welcomes Staff Working At SVB UK.”
HSBC said UK Ltd had about 5.5 Billion Pounds Of Loans And About $6.7 Billion In Deposits With Silicon Valley Bank as of March 10 . HSBC Said SVB UK’s Real Equity Is Expected To Be Around £1.4bn. Besides, HSBC Bank Has Also Informed The Customers About This By Tweeting.
On The Other Hand, Not Only One Bank But Also Another Bank Closed in America on Sunday. A Bank Called Signature is locked. This Bank Is Known To Be Quite Crypto Friendly. This Decision Has Been Taken Keeping In Mind The Risks Involved in The Bank Holding Cryptocurrency Stocks. It is Known That For Now The Federal Deposit Insurance Corporation (FCDIC) Has Kept The Control Of This Bank In Their Own Hands.
