British SVB paid over £15m in bonuses days after HSBC rescue, says Sky News
The British arm of the Silicon Valley Bank (SVB) distributed more than 15 million pounds (or $18 million) in bonuses days after its bailout deal by HSBC this week, Sky News reported on Saturday.
Payments to employees, including senior executives, have been approved by the HSBC earlier in the week, the report said, adding that the bonuses would not have been paid this week if the SVB british had not been acquired while still solvent.
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Citing sources familiar with the matter, Sky reported that the value of the bond fund was “modest”, between £15m and £20m. “HSBC has honored these pre-agreed payments to retain talent and demonstrate its trust in the bank,” a spokesman for HSBC UK told Reuters.
O SVB UK did not immediately respond to Reuters requests for comment. In the United States, parent SVB Financial Group said on Friday it had filed for bankruptcy protection under Chapter 11 bankruptcy proceedings to seek buyers for its assets, days after the former Silicon Valley Bank unit was taken over by regulators. North Americans.
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