Ahead of NextGen Nordics, set to take place in Stockholm on 25 April 2023, Finextra is preparing a series of previews covering event topics and interviewing the panellists.
Late last year, Silicon Valley Bank (SVB) expanded its operations into Sweden after previously opening in Denmark in 2019. This move followed SVB UK’s completion of its subsidiary process.
In recent weeks, SVB faced significant turmoil, leading to a 60% decline in its shares. The California Department of Financial Protection and Innovation took over the US bank and appointed the FDIC as receiver, citing "inadequate liquidity and insolvency."
The UK’s branch also faced collapse but was acquired by HSBC. Noel Quinn, HSBC Group CEO, stated, “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 the Nordics operation falls under this acquisition, with office activities reported as “business as usual.”
In a LinkedIn announcement, SVB stated that Sebastian Penn will remain as managing director for the Nordics, with Maria Ljunberg and Maria Flyvbjerg Bo serving as directors in Sweden and Denmark, respectively.
This aligns with HSBC’s assurance following the UK acquisition that SVB UK customers can continue to bank normally, with their deposits backed by HSBC’s stability.