13 March 2023
Oxx has been following the developing situation around Silicon Valley Bank closely and we are reassured by the announcement this morning that HSBC has acquired the bank’s UK entity. With the strength of HSBC sitting behind the UK bank, we are satisfied that the situation has been resolved for Oxx, our portfolio companies, and more broadly, and expect business to return to normal fairly quickly, although as of this point in time, the bank’s online systems are not yet available.
SVB has been an excellent partner and bank for the entire innovation ecosystem, which was illustrated by the enormous support and rallying by the community over the weekend, and we were also impressed with the professionalism of SVB’s team working under pressure on Friday. Over the past few days, Oxx worked closely with other actors in the industry and the BVCA, lobbying for a swift resolution to the deeply concerning situation. We are impressed by the swift actions by UK regulators and how all stakeholders worked together to arrive at this best-case scenario solution.
Oxx is, and remains, very appreciative of SVB and the role it has played in supporting innovative companies on both sides of the Atlantic. With SVB UK now being appropriately capitalised as part of HSBC, we are supportive of our portfolio companies resuming their relationships with the bank.