35 minute watch | March.13.2023
On 13 March 2023, in a transaction facilitated by the Bank of England and HM Treasury, Silicon Valley Bank UK Limited (SVB UK) was sold to the largest bank in Europe, HSBC, securing the deposits of more than 3,000 customers worth £6.7 billion. In a joint statement, the Bank of England, the Prudential Regulation Authority, HM Treasury and the Financial Conduct Authority announced that:
At 12pm GMT on 13 March, our London team hosted a conversation for an audience both in Europe and the UK, to discuss the implications of the acquisition and the steps taken by the Bank of England. Partners from our banking and finance, bank insolvency, venture debt and employment teams, shared perspectives and answered questions on the following topics:
This is a general presentation about rapidly changing issues and is intended for informational purposes only. It is not intended to provide legal advice. Given the exceptionally dynamic nature of the situation, we encourage you to reach out to your Orrick client team. We will provide refreshed guidance and additional information as developments unfold and more information becomes available.