Contacts

Angus Miln

Partner

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Emma Danks

Partner

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Contacts

Angus Miln

Partner

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Emma Danks

Partner

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13 March 2023

Silicon Valley Bank – 2 of 5 Insights

Our response to Silicon Valley Bank developments

The news at 07:00 GMT today (13 March) of HSBC's acquisition of Silicon Valley Bank UK (SVB) brought welcome certainty and stability back to the tech community and the wider ecosystem.

The swiftness with which the UK government and other key players moved to secure this outcome underlines the importance of the UK’s world-leading technology sector to the British economy. It was an impressive turnaround from the anticipated bank insolvency procedure announced by the Bank of England at 23:30 on Friday 10 March.

Over the past 72 hours our multi-disciplinary team has been working to support clients and wider technology ecosystem participants. 

In our webinar at 10:00 GMT today (13 March), we shared insights on the events leading up to today's announcement, the deal itself and discussed the immediate and mid-term implications. We were delighted to be joined by Kerry Baldwin, General Partner & Co-Founder of IQ Capital, Past Chair British Private Equity and Venture Capital Association (BVCA) and current advisor to a number of UK government entities. Kerry was instrumental in advising the UK government on this issue, and played a key role in negotiations and mobilising the technology, life sciences and innovation communities to secure the positive outcome that was reached today.

This was an extraordinary result in unprecedented circumstances. While news reports BAU for clients and contacts potentially impacted in the industry, it could still be some time before we see the real impact on the market. 

Register and watch a recording of our webinar here for further insights. 

Should you require any further support, please don't hesitate to email our taskforce or get in touch with your usual Taylor Wessing contact.

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