SVB Crisis: The entire British division of Silicon Valley Bank was sold for £99.18! acquired by HSBC

America's financial industry is struggling once more. One of the top banks, Silicon Valley Bank, has shut down. The British SVB unit, meanwhile, will be offered for just one pound. The purchase of Silicon Valley Bank's UK unit by HSBC has been announced. According to HSBC Holdings, Silicon Valley Bank's British affiliate will be purchased for one pound.

Another Bank collapses in America

Along with this, another bank associated with the technology sector has collapsed in America following the failure of Silicon Valley Bank. The New York-based Signature Bank will be shut down, according to the US regulator. even though it is a considerably smaller regional bank than SVB. The Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and Treasury, three US regulatory agencies, have announced that the New York-based Signature Bank will close as a result of declining stock prices.