© Reuters. FILE PHOTO: The HSBC bank logo is seen in the financial district of Canary Wharf in London, Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo
(Reuters) – HSBC is set to announce next month that the UK subsidiary of Silicon Valley bank will be renamed HSBC Innovation Banking, Sky News reported on Monday.
The British government and the Bank of England facilitated the sale of private SVB UK to HSBC in March, in a move that would protect deposits without taxpayer support.
Start-up-focused lender SVB Financial Group has become the biggest bank to fail since the 2008 financial crisis. Its sudden collapse in March roiled global markets and left billions of dollars owned by companies and investors stranded.
SVB is in bankruptcy proceedings after California regulators shut down a Silicon Valley bank and designated the Federal Deposit Insurance Corporation (FDIC) as the recipient.
Then the regulators agreed to back a deal for regional lender First Citizens BancShares to acquire Silicon Valley Bank.
HSBC declined to comment on the Sky report when contacted by Reuters.
