March 18 (Reuters) – Silicon Valley Financial institution’s UK arm handed out over 15 million kilos ($18 million) in bonuses days after its rescue deal this week by HSBC, Sky Information reported on Saturday.
Payouts to workers together with senior executives had been signed off by HSBC earlier within the week, the report stated, including that the bonuses wouldn’t have been paid this week if SVB UK had not been acquired whereas nonetheless solvent.
Sky cited sources conversant in the matter as saying the bonus pool was “modest” at 15 million to twenty million kilos.
“HSBC has honoured these beforehand agreed funds in order to retain expertise and reveal its confidence within the financial institution,” a spokesperson for HSBC UK instructed Reuters.
SVB UK didn’t instantly reply to Reuters requests for remark.
In america, mum or dad firm SVB Monetary Group (SIVB.O) stated on Friday it had filed for a court-supervised reorganization below Chapter 11 chapter proceedings to hunt patrons for its belongings, days after former unit Silicon Valley Financial institution was taken over by U.S. regulators.
($1 = 0.8214 kilos)
Reporting by Jyoti Narayan in Bengaluru; Further reporting by Sneha Bhowmik; Modifying by Frances Kerry and Hugh Lawson
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