By: Zickie Lim (Mills & Reeve Technology Blog)
As the Silicon Valley Bank collapse continued to make headlines throughout the weekend, Sunday night saw the execution of a swift rescue mission by HSBC who swooped in to save the troubled bank’s UK unit from collapse.
HSBC, among the world’s largest banks, concluded a marathon-session of negotiations with UK Prime Minister Rishi Sunak and the Bank of England by agreeing to support SVB’s UK unit, paying a symbolic £1 to ‘acquire’ the troubled financial institution.
The news has been welcomed as positive news for the UK’s tech and life sciences industries, which was heavily exposed to losses from SVB’s collapse. The Tech and Life Sciences community is is great news as the deal helped avert potential disaster for UK tech and life sciences innovators, who spurred on a series of proactive collaborative efforts to raise awareness amongst the general public and also with the UK Government of the scale of the issue and how it could harm UK businesses…