HSBC will buy UK subsidiary of collapsed Silicon Valley Bank
London (AP): The UK Treasury and the Bank of England have "facilitated the sale" of Silicon Valley Bank UK to HSBC, ensuring the security of 6.7 billion pounds (USD 8.1 billion) of deposits.
British officials worked throughout the weekend to find a buyer for the UK subsidiary of the California-based bank that failed last week.
"This morning, the government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC," Treasury chief Jeremy Hunt said in a Tweet. "Deposits will be protected, with no taxpayer support. I said yesterday that we would look after our tech sector, and we have worked urgently to deliver that promise."
HSBC said it will acquire Silicon Valley Bank UK Ltd for one pound.
This morning, the Government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC
— Jeremy Hunt (@Jeremy_Hunt) March 13, 2023
Deposits will be protected, with no taxpayer support
I said yesterday that we would look after our tech sector, and we have worked urgently to deliver that promise
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Air India Express to operate Mangaluru–Muscat flight tomorrow; Details here
Mangaluru: Days after flight operations to Gulf destinations from the coastal city were disrupted, the first service to Oman’s capital Muscat is set to resume on Tuesday, March 3.
According to officials, Air India Express flight IX817 from Mangaluru to Muscat will depart Mangaluru airport at 9:20 am. The return service, flight IX818 on the Muscat–Mangaluru sector, is scheduled to arrive in Mangaluru at 5:30 pm on the same day.
It may be noted that flights between Mangaluru and Muscat were being resumed after a long gap and were initially scheduled to operate on Sunday, March 1. However, the service was cancelled due to airspace restrictions. The flight is now set to operate on Tuesday, marking the resumption of the Mangaluru–Muscat sector.
