Major Japanese banks suffer losses over fear of SVB exposure

14 March 202314 March 2023

View of the headquarters of the Silicon Valley Bank (SVB) in Santa Clara, California (US), 13 March 2023. EFE/FILE/George Nikitin

Tokyo, Mar 14 (EFE).- Three of the largest Japanese banks, Mitsubishi UFJ, Mizuho and Sumitomo Mitsui Financial Group, recorded significant losses Tuesday along with other Japanese financial entities in the first half of trading on the Tokyo Stock Exchange due to fears of their exposure to the bankruptcy of Silicon Valley Bank (SVB). Tokyo’s main … Read more

HSBC acquires UK subsidiary of collapsed Silicon Valley Bank

13 March 202313 March 2023

An HSBC bank branch in London, Britain, 21 February 2023. EFE/EPA/FILE/ANDY RAIN

London, Mar 13 (EFE).- The British subsidiary of the collapsed Silicon Valley Bank has been sold to HSBC in a private deal facilitated by the United Kingdom’s government and the Bank of England. Jeremy Hunt, the UK’s chancellor of the exchequer, said no taxpayer money was used in the private rescue package. “Today the government … Read more