Silicon Valley Bank: how has the US rescue differed from the UK… and is it a bailout? March 14, 2023 US regulators moved to insure customers' deposits and steady the sector after Silicon Valley Bank collapsed.
Silicon Valley Bank: US bosses sued for fraud as fallout from collapse begins March 14, 2023 The parent company of Silicon Valley Bank and two of its top bosses are being sued by shareholders who have accused them of hiding the lender’s vulnerabilities to the effects of rising interest rates.
“Project Yeti”: Inside the scramble to save Silicon Valley Bank UK March 13, 2023 “It’s going down to the wire.” That was the view of Coadec CEO Dom Hallas at 11pm on Sunday evening after hours of meetings had failed to produce a deal on the future of Silicon Valley Bank – with the tech industry warning it would be an existential threat to thousands of firms across the [...]
Silicon Valley Bank: ‘Resuming normal operations’ after HSBC rescue swoop – Live March 13, 2023 HSBC’s move to snap up the stricken UK arm of Silicon Valley Bank has been hailed a “relief” for the UK’s tech firms today after nerves spread of contagion across sector over the weekend.
HSBC acquires SVB UK for £1 March 13, 2023 HSBC has announced it has acquired Silicon Valley Bank Limited UK for a pound, following a weekend of round-the-clock negotiations.
London banking stocks tumble as Silicon Valley Bank shockwaves spread to HSBC, Barclays and Lloyds March 10, 2023 A crisis at US start-up lender Silicon Valley Bank (SVB) has sent shockwaves across the Atlantic today and dragged down shares in London-listed lenders. Shares in Nasdaq-listed SVB plunged over 60 per cent yesterday after the firm announced a $1.75bn share sale on Wednesday in a bid to shore up its balance sheet and plug [...]
Amigo scrambles for survival as £45m emergency cash talks fail March 10, 2023 Beleaguered lender Amigo Loans is scrambling to find a route to survival today after the firm revealed talks to raise £45m had failed this week. In an update on an emergency cash raise this morning, Amigo said it was now “unlikely” to raise the required money before a regulator-imposed deadline of the 26th May this [...]
Start-up tax pain could scupper Rishi Sunak’s science superpower dreams, investors warn March 10, 2023 Further tax pain inflicted on the UK’s start-ups could scupper Rishi Sunak’s tech and science superpower plans, venture capital firms have warned. The warning comes as Jeremy Hunt prepares to announce his first full budget next week. Start-ups have piled pressure on Hunt to reverse changes to research and development tax credits announced in the [...]
London fintech Railsr rescued from collapse in emergency sale March 9, 2023 Embedded banking platform Railsr has been rescued from collapse after it was snapped up by a group of investors led by London-based D Squared Capital. The City-based fintech, which has been on the hunt for a buyer after running into cash troubles in the past year, said today that it had been “purchased and re-capitalised” [...]
British rent-a-bank acquires licence. What does that mean? March 9, 2023 Digital challenger bank Griffin has become the latest London-based fintech to secure a UK banking licence. Following authorisation with restrictions from the Prudential Regulation Authority (PRA), Griffin is now the UK’s newest bank, licensed to hold up to £50,000 in deposits. The much sought-after licence leaves the company poised to encroach on big banks’ hometurf [...]