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HSBC launches HSBC Innovation Banking, including former SVB UK

HSBC today unveiled HSBC Innovation Banking, which includes the former Silicon Valley Bank UK (SVB UK).

After initial deposit outflows following HSBC’s acquisition of SVB UK, deposits are now stabilising.

SVB UK will operate as normal and the Bank of England and HM Treasury have confirmed depositors’ money is safe.

HSBC Holdings plc announces that its UK ring-fenced subsidiary, HSBC UK Bank plc, is acquiring SVB UK for £1.