Contagion From SVB’s Collapse Spreads to Asia

HSBC buys SVB’s UK unit to rescue UK tech sector

By: Toh Han Shih

The fallout from the collapse of Silicon Valley Bank (SVB), the biggest bank failure since the 2008 global financial crisis, has spread to Asia. Yet HSBC, which for all purposes is largely an Asian bank, is picking up the pieces from SVB’s carcass to provide relief for the UK economy, by announcing on March 13 that it would buy SVB’s UK …