HSBC-owned Silicon Valley Bank UK (SVB UK) has reportedly granted £15m to £20m ($18.26 million to $24.35 million) in bonuses to staff and executives, just days after being acquired by HSBC for £1 ($1.22).
According to unnamed sources cited in a March 18 Sky News report, HSBC UK Bank authorized the payments, which were described as “modest.”
The insiders added that if SVB UK had not been acquired “solvently,” the bonuses would not have been paid, but the payout is a signal of HSBC’s confidence in the talent at SVB UK and a move to retain key staff.
SVB UK’s operations were shut down by the Bank of England on March 10 due to its limited presence and no critical functions, leading to a Bank Insolvency Procedure.
