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Silicon Valley Bank UK paid out £15m in bonuses to top execs just days after HSBC rescue deal

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A number of banks are stepping up their operations to take a chunk of the UK's fast-growing innovation economy, prompted by the implosion of Silicon Valley Bank (SVB) earlier this year.
A number of banks are stepping up their operations to take a chunk of the UK's fast-growing innovation economy, prompted by the implosion of Silicon Valley Bank (SVB) earlier this year.

Silicon Valley Bank’s UK arm handed out over 15 million pounds ($18 million) in bonuses days after its rescue deal this week by HSBC, Sky News reported on Saturday.

Payouts to staff including senior executives were signed off by HSBC earlier in the week, the report said, adding that the bonuses would not have been paid this week if SVB UK had not been acquired while still solvent.

Sky cited sources familiar with the matter as saying the bonus pool was “modest” at 15 million to 20 million pounds.

SVB UK and HSBC did not immediately respond to Reuters requests for comment.

In the U.S., parent company SVB Financial Group said on Friday it had filed for a court-supervised reorganization under Chapter 11 bankruptcy proceedings to seek buyers for its assets, days after former unit Silicon Valley Bank was taken over by U.S. regulators.

Reuters – Jyoti Narayan