LONDON, March 13 (Reuters) – Finance minister Jeremy Hunt said on Monday the rescue of SVB's UK arm by HSBC was necessary to help protect some of Britain's most important technology companies.
"We were faced with a situation where we could have seen some of our most important companies, our most strategic companies wiped out and that would have been extremely dangerous," Hunt told reporters on Monday.
Asked about HSBC's white knight role, Hunt said the finance ministry had been neutral as to what the solution for SVB's UK arm was, and his priority was to avoid using British taxpayer money.
"We were looking at all options and we needed to be sure that if the sale didn't happen, we had other solutions ready," he said.
He repeated reassurances that the situation with SVB's UK arm did not pose any risk for Britain's financial system.
"The UK banking system is extremely secure, it's well capitalised," he said.
Our Standards: The Thomson Reuters Trust Principles.
Dutch health technology company Philips expects to reach settlements this year relating to its global recall of respiratory devices, CEO Roy Jakobs said in an interview with Dutch financial daily FD published on Thursday.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2023 Reuters. All rights reserved
