Money20/20: HSBC to take SVB global
Finextra Money20/20 afternoon sessions began with a fireside chat between HSBC UK CEO Ian Stuart and Arjun Kharpal, senior technology reporter at CNBC. They discussed HSBCs acquisition of Silicon Valley Bank (SVB) and what the future holds.
With many in the audience looking for an update on the status of SVB, Stuart revealed the bank is working to “migrate SVB off of the US systems and bring it onto the UK system. We’ve had a very limited time to be able to do that, so it has been quite frenzied to try and get that done.”
He added that they are “not quite there yet” with this project, but remained positive about current progress. HSBC stepped in to take over the UK arm of SVB in March 2023, and although they “hadn’t planned for it," the bank prevailed. "That’s the big thing. So suddenly you’re trying to get enough resources to do this.”
