SVB UK handed out over 15 mln pounds in bonuses days after HSBC rescue - Sky News (updated)

HSBC Holdings

18/03/2023 11:27

(Adds background and details)
       March 18 (Reuters) - 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 did not immediately respond to a Reuters request for
comment.
    In the U.S., parent company SVB Financial Group  SIVB.O 
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.
 ($1 = 0.8214 pounds)

 (Reporting by Jyoti Narayan in Bengaluru; Editing by Frances
Kerry and Hugh Lawson)
 ((Jyoti.Narayan@thomsonreuters.com;))