HSBC will rename the UK arm of Silicon Valley Bank ‘HSBC Innovation Banking’, according to reports by Sky News.
The bank’s name change will be unveiled at the start of UK Tech Week in mid-June, said the news website.
It added that some entrepreneurs could be concerned that the name change would erode the bank’s independence and change its position in the banking market.
The UK government and the Bank of England brokered a rescue deal allowing HSBC to acquire SVB’s UK business on 13 March for £1.
First Citizens Bank agreed to buy $110 billion in assets, $56 billion in deposits and $72 billion in loans from the California-based bank.
Earlier this month, subsidiary First Citizens BancShares sued HSBC over accusations that the UK bank poached more than 40 employees from SVB following the bank’s collapse.
The North Carolina-based institution has filed a lawsuit in San Francisco federal court, claiming that HSBC violated federal law by hiring the workers so it could gain access to trade secrets. First Citizens is seeking more than $1 billion in damages.
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