Ahead of NextGen Nordics, which will return to Stockholm on 25 April 2023, Finextra will be publishing a series of ‘sneak peeks’, covering the topics and interviewing the panellists speaking at the event.
Late last year Silicon Valley Bank (SVB) expanded its offices into Sweden, after having already opened in Denmark in 2019. This expansion came not long after SVB UK completed its subsidiary process.
SVB’s serious upheaval over the past two weeks meant that the bank saw its shares fall by 60%. The US bank was taken over by the California Department of Financial Protection and Innovation and appointed the FDIC as receiver, citing "inadequate liquidity and insolvency".
The UK wing of the company also collapsed, but was acquired by HSBC. Noel Quinn, HSBC Group CEO, said: “This acquisition makes excellent strategic sense for our business in the UK. It strengthens our commercial banking franchise and enhances our ability to serve innovative and fast-growing firms, including in the technology and life-science sectors, in the UK and internationally."
Finextra has confirmed with a SVB spokesperson that their Nordics operation comes under the wing of this acquisition as those offices are part of SVB UK have reported that they are now “business as usual.”
In an announcement on LinkedIn, SVB stated that Sebastian Penn will remain as managing director for the Nordics, Maria Ljunberg as director in Sweden, and Maria Flyvbjerg Bo as director in Denmark.
This is in line with statements made by HSBC’s statement regarding their UK acquisition, as Quinn commented: “SVB UK customers can continue to bank as usual, safe in the knowledge that their deposits are backed by the strength, safety and security of HSBC.”
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