© Reuters. FILE PHOTO: HSBC Financial institution emblem is seen on this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration
LONDON (Reuters) – HSBC’s high bosses have known as on staff on the rescued British arm of failed U.S. lender Silicon Valley Financial institution to guarantee shoppers “their deposits are protected and loans are supported” as the method of integration following its ‘white knight’ takeover begins.
“Please proceed to function as common … it’s vital that you just proceed to serve your shoppers as you might have achieved to date,” a memo despatched to SVB employees on Tuesday and posted by HSBC UK Chief Government Ian Stuart on the skilled networking website LinkedIn stated.
HSBC on Monday agreed to purchase SVB UK for 1 pound in a rescue deal brokered by the Financial institution of England and the UK finance ministry, following the speedy demise of its dad or mum within the greatest U.S. financial institution collapse in additional than a decade.
“We have put near 2 billion kilos of liquidity into SVB UK and we’re able to deploy extra cash and extra liquidity, as wanted,” the memo, which was additionally signed by group Chief Government Noel Quinn, added.
A spokesperson for HSBC confirmed the authenticity of the memo, with out offering additional remark.
