SVB UK is still offering loans to the tech sector and letting customers access pre-existing loans after its buyout by HSBC, according to messages from SVB UK staff seen by Sifted.
The continuation of service will come as a relief to SVB UK’s customers, though it’s unclear whether HSBC will opt to maintain these services in the long term.
The bank allowed a client to access cash as part of a pre-existing loan yesterday, according to one message.
Another said that SVB UK would continue as a standalone entity within HSBC and operations would continue as before for now.
SVB UK also approved a new credit line to a fintech client yesterday and is pushing to sign off on the deal next week, according to one source with direct knowledge of operations at the bank.
SVB UK — once a wholly owned subsidiary of the US bank, which collapsed last Friday — has become a major venture debt lender and provider of credit to VCs in recent years. Last year it was involved in some significant deals, including Paddle’s $200m Series D and the $115m debt component to Wagestream’s Series C.
Sifted reached out to SVB UK for comment, and was referred to a Monday tweet stating that normal operations have resumed.
But while it looks as though there’s not any immediate disruption to SVB UK’s debt financing operations, one former employee of the bank tells Sifted that it might be “business as usual for now”, but HSBC still needs “to figure out exactly what it’s bought”.
Sifted has also contacted HSBC for comment.
Tim Smith is senior reporter at Sifted. He tweets from @timmpsmith
Amy Lewin is Sifted’s editor and cohost of Startup Europe — The Sifted Podcast, and writes Up Round, a weekly newsletter on VC. She tweets from @amyrlewin
