Silicon Valley Bank UK (SVB UK) has granted millions of pounds in employee bonuses, just days after it was rescued by global banking giant HSBC for just 1 British pound, according to unnamed sources.
In a March 18 Sky News report citing unnamed sources, it was reported that payouts to SVB UK staff and senior executives were signed off “earlier this week” by HSBC UK Bank — the institution which acquired SVB UK for 1 British pound ($1.22) on March 13.
Related: Failed tech bank SVB held over $5B for prominent crypto VCs: Report Another insider reportedly added that the bonus payments were “a signal of HSBC’s confidence in the talent base” at SVB UK and were to honor “previous agreed payments” in an effort to “retain key staff.”
With 14 years of supporting & growing the UK's innovation economy, @SVB_UK is delighted to now be part of @HSBC, joining a successful global organisation to fuel our client's growth and ours.
Meanwhile, SVB’s United States banking arm has been taken into government ownership.
SVB Group’s chief restructuring officer, William Kosturos, stated that the Chapter 11 process will allow SVB Financial Group to “preserve value as it evaluates strategic alternatives for its prized businesses and assets.”
Source: Cointelegraph