PharmaMedic /
  • Home
  • Our Services
    • Start-Up
    • Product Launch
    • Product Development
  • Join Us
  • About Us
    • Our Vision
    • Dr Malcolm Barratt-Johnson
  • Resources
  • News
  • Contact Us
PharmaMedic
  • Home
  • Our Services
    • Start-Up
    • Product Launch
    • Product Development
  • Join Us
  • About Us
    • Our Vision
    • Dr Malcolm Barratt-Johnson
  • Resources
  • News
  • Contact Us

Silicon Valley Bank UK tech companies rescued by HSBC 13 Mar 2023

 

Tech and life science start-ups in the UK affected by the failure of the US-based Silicon Valley Bank have been saved by HSBC’s purchase of its subsidiary, Silicon Valley Bank UK.  

Following the collapse of the US bank on 10 March 2023, Silicon Valley Bank UK stopped making payments or accepting deposits before it was put into insolvency on 12 March.  

The UK government stepped in over the weekend and began working on a plan to help technology companies meet their cashflow needs, following a letter of 11 March to Chancellor Jeremy Hunt, signed by over 200 heads of UK tech firms, calling for intervention. 

 A source quoted by the BBC estimated 30-40% of UK start-ups could be affected.  

 The government is keen to ensure the future of these fast-growing businesses that it sees as core to the UK’s economic success and Hunt, the prime minister, the Bank of England governor, HSBC bosses and civil servants worked through the night to secure the deal before trading began on Monday morning. 

 HSBC paid £1 for SVB’s UK arm after a competitive process.  

 

GeneralCategories

  • No categories

GeneralTags

#ABPI #ClinicalTrials #diagnostics #drugdevelopment #drugpricing #drugregulation #EC #EMA #EU #FDA #innovation #JPMorgan #lifesciences #marketaccess #MDR #medicalaffairs #medicaldevice #medicaldeviceregulation #medicaldevicesregulation #medtech #mentalhealth #mhra #NHS #NICE #outsourcing #pharmaregulation #pharmatrends #pre-eclampsia #R&D #raredisease #rarediseases #regulation #regulatory #UKgovernment #ukpharma #ukregulation #VPAS @PPharmamedic AI Biotech COVID-19 Healthcare Medical Affairs medicaldevices Pharma
PharmaMedic
  • Home
  • Join Us
  • Our Vision
  • Dr Malcolm Barratt-Johnson
  • Resources
  • News
  • Contact Us
Our Services
  • Start-Up
  • Product Launch
  • Product Development
Legal
  • Privacy Policy
  • Cookie Policy
Contact us
  • T:+44 (0) 208 168 1668
  • US Toll Free:+1 628 201 0911
  • [javascript protected email address]
  • The London Bioscience Innovation Centre (LBIC)
    2 Royal College Street
    London NW1 0NH

©2023 PharmaMedic. All Rights Reserved | Company Registration Number: 07364364 | VAT: 135986768

Powered by FL1 Digital