Earlier this year, HSBC acquired Silicon Valley Bank (SVB) in the UK, and is now launching HSBC Innovation Banking. As part of this process, changes are being made in existing clients’ SVB bank accounts as they are being transitioned to the new entity. We have been informed that after 4th August, all Oxx bank accounts with Silicon Valley Bank will cease to accept payments, and they will be replaced with new HSBC accounts, which will be activated on 7th August.
Oxx, or our fund administrator, NCM, will provide all of Oxx's investors and anyone else who pays money to Oxx, with the new bank account details once they are active. Please feel free to call either Oxx or NCM directly using contact details you have used in the past, to confirm any new bank details you are sent. We are conscious that it is possible that scammers may take advantage of this changeover process, so welcome you to reach out to us to confirm your new details.
As the cutover arrangements unfortunately don’t include an overlap period, please continue making your payments using the old bank account details up until 4th August and then use the new bank account details after 7th August. We apologise for any inconvenience that arises as a consequence.