Remember in March when HSBC bought SVB (UK) as the tech-focused US parent bank’s depositors fled after a failed capital raise to plug the black hole where its US Treasury bond portfolio used to be?
It could turn out to be the best £1 HSBC has ever spent.
“Thank goodness we won’t be hearing about them again,” a senior source at one large UK bank told Euromoney at the time. “I was getting sick of being told how great SVB (UK) was at venture debt.”
This bank has a history of entrepreneurism.
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