New Delhi: Hongkong and Shanghai Banking Corporation (HSBC) Holding plc on Monday announced that its United Kingdom subsidiary, HSBC UK Bank plc will acquire Silicon Valley Bank UK Limited (SVB UK) for 1 pound.
According to information, SVB UK has loans of around 5.5 billion pounds and deposits of around 6.7 billion pounds as of March 2023.
The sale of the UK unit of Silicon Valley Bank came as a rescue deal after its US unit collapsed last week.
“Silicon Valley Bank (UK) Ltd has today been sold to HSBC,” said the UK government after a detailed talk led by prime Minister Rishi Sunak.
The finance minister of England Jeremy Hunt said that no government cash was involved while deposits of all customers have been protected.
HSBC agreed to pay just 1 pound to acquire SVB (UK), HSBC said in a statement.
“The acquisition makes excellent strategic sense for our business in the UK,” HSBC added.
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