Silicon Valley Bank UK sold to HSBC after Government and Bank of England step in to facilitate sale yorkshirepost.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yorkshirepost.co.uk Daily Mail and Mail on Sunday newspapers.
On March 10, US regulators closed Silicon Valley Bank (SVB), marking the second-largest US bank failure in history and the first since the global financial crisis in 2008.
California Department of Financial Protection appointed Federal Deposit Insurance Corporation FDIC as receiver for Silicon Valley Bank SVB. FDIC is appointed receiver to liquidate or wind up affairs of failed bank. Bridge bank allows FDIC to rapidly take over failed bank.
A lot of ink has been spilled in the last 72 hours regarding the historic developments involving Silicon Valley Bank and Signature Bank. Our quick summary of the facts and law is below..