Stephenson Harwood's response to recent news regarding Silicon Valley Bank

Having spent the weekend supporting clients reacting to the bank's potential collapse in the UK, Stephenson Harwood is pleased to hear the latest news this morning concerning HSBC's rescue of the UK arm of Silicon Valley Bank (SVB).

SVB has been a stalwart of the life sciences and technology markets for many years, and we're pleased to see Europe's largest clearing bank has stepped into the breach to support such an important area of the UK economy.

The Bank of England has confirmed that all depositors’ money with SVB is safe and secure as a result of the transaction; and that all services will continue to operate as normal and customers should not notice any changes.

Stephenson Harwood remains on hand to advise clients on these latest developments and assist them in understanding the impact of the HSBC rescue.

Please get in touch with your usual Stephenson Harwood contact if you are looking for advice. Or contact any of the team below.