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by kmlx
1191 days ago
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> HSBC on Monday averted a crisis in Britain’s tech sector by rescuing Silicon Valley Bank’s UK arm, a dramatic fire sale concluded after all-night talks led by Prime Minister Rishi Sunak and the Bank of England. > A sale of SVB UK, which has 3,300 UK clients, including start-ups, venture-backed companies and funds, was the preferred choice of chancellor Jeremy Hunt, avoiding a big government intervention to protect depositors. source: https://www.ft.com/content/216b193d-62b3-4e5e-8f67-e8eb3d96e... |
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