The giant London-headquartered bank is on Sunday night examining the possibility of rescuing Silicon Valley Bank UK before it collapses into insolvency, Sky News learns
Any deal would not be material to HSBC in the context of its global balance sheet, but would sharpen its exposure in its home market of the UK to corporate clients in the tech and biotech sectors.
The Treasury said in a statement on Sunday that the government was working on funding solutions to help hundreds of SVB UK clients meet cashflow obligations."The government recognises that, given the importance of Silicon Valley Bank to its customers, its failure could have a significant impact on the liquidity of the tech ecosystem.
UK depositors stand to receive up to £85,000 as part of the resolution of the British arm of SVB, sparking fears about the fate of substantial amounts of funding in the start-up community. On Saturday, dozens of early-stage companies wrote to Mr Hunt to warn of"an existential threat to the UK tech sector".
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