UK bank shares are still trading lower after the SVB and Credit Suisse failures, but they are stronger than in 2007 and for me look like a bargain. The post UK bank shares still look cheap after SVB and Credit Suisse fallout appeared first on The Motley Fool UK.
The British arm of Silicon Valley Bank (SVB UK) has seen hundreds of millions of pounds of deposit inflows in the wake of its £1 rescue takeover by HSBC. Sky News understands that SVB UK's deposit base now stands at over £7bn - 10 days after Europe's biggest lender agreed to buy the business in a deal orchestrated by the Bank of England. Figures provided by the central bank and published by the Treasury Select Committee this week showed nearly £3bn of deposits were withdrawn from the technology-focused bank between 9 and 10 March.
HSBC has appointed Patrick George as head of markets and securities services, according to a memo seen by Reuters on Thursday, amid a wider reshuffle of the leadership of its investment bank aimed at streamlining decision making. George takes over the key role overseeing HSBC's trading operations, and one which had not been formally filled since last October, when the previous head of the division Georges Elhedery was elevated to the bank's finance chief role in a surprise move. An HSBC spokesperson confirmed the contents of the memo, which also detailed a raft of other changes to the management of HSBC's global banking and markets business - which houses its investment bank.