The announcement is somewhat funny in a way that "independent Silicon Valley Bank"'s announcement actually happens on the website of the US website they are not supposed to have links with.
Re:FDIC Takes over Silicon Valley Bank
by Randalthorro on Friday March 10, 2023 @03:58PM
(#35100944)
Their regulatory framework and finances are independent not the company itself
Yeah, and now, the "independent and safe" UK branch is preventing people to take their money.
"SVB Online Banking (US, UK, Canada Branch Accounts) will be unavailable throughout the weekend."
Re:FDIC Takes over Silicon Valley Bank
by 0x00000000 on Friday March 10, 2023 @06:06PM
(#35102539)
Don’t worry guys, FTX.us is completely separate and independent from FTX.com
Re:FDIC Takes over Silicon Valley Bank
by ignoramous on Saturday March 11, 2023 @06:22AM
(#35107350)
We bought two domain names to prove it!
Re:FDIC Takes over Silicon Valley Bank
by eclipticplane on Friday March 10, 2023 @08:01PM
(#35103790)
This press release didn't age well.
https://www.bloomberg.com/news/articles/2023-03-10/svb-s-uk-...
Re:FDIC Takes over Silicon Valley Bank
by mirthflat83 on Friday March 10, 2023 @08:12PM
(#35103898)
Lmao, just like FTX
Re:FDIC Takes over Silicon Valley Bank
by morpheuskafka on Friday March 10, 2023 @09:47PM
(#35104620)
If the assets are separate, it is still a very relevant point for depositors because the outcome of the UK receivership will be based on those separate assets. The amount that depositors in the UK bank recover may be completely different, higher or lower, than the depositors in the main bank.
What are insured maximums in the UK's equivalent of FDIC?
Re:FDIC Takes over Silicon Valley Bank
by alarmingfox on Monday March 13, 2023 @06:12AM
(#35133568)
I believe the Financial Services Compensation Scheme (FSCS) in the UK insures deposits upto £85,000.
London, 10 March, 2023: Silicon Valley Bank UK, the financial partner of the innovation economy, today moved to confirm to its UK clients, partners and external stakeholders its financial position as a standalone independent banking institution that is regulated and governed by the PRA in the UK.
Silicon Valley Bank UK has been an independent subsidiary since August 2022 with a separate balance sheet to the SVB Financial Group and an independent UK Board of directors. Silicon Valley Bank UK fully abides by the UK regulatory requirements as covered by the Financial Services Compensation Scheme and by the Financial Ombudsman Service. SVB UK, Ltd. is ring-fenced from the parent and its other subsidiaries.
Notes to editors
Funds from client deposits placed with SVB UK, Ltd. are managed in the UK for the benefit of our UK clients. None of our operations in the EU outside our UK Subsidiary are licensed to or take deposits.
https://www.svb.com/press/release?Channel=45991&Account=SVB_...