HSBC is stepping in to help calm nerves over failed U.S. lender Silicon Valley Bank. The banking giant will acquire the UK operations of SVB for a token one pound
The rescue of SVB UK was welcomed by British government ministers, regulators and technology start-ups, who said customers would be able to bank as normal.
Asked about HSBC's white-knight role, Hunt said his priority had been to avoid using British taxpayers' money. One pound is worth $1.21.to underpin confidence in the financial system and minimise any fallout for British technology firms. HSBC's logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid/File Photo
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