HSBC UK Bank Buys Silicon Valley Bank UK

HSBC Holdings Plc (HSBA.L,HSBC) said on Monday that its ring-fenced unit, HSBC UK Bank Plc, is acquiring Silicon Valley Bank UK Limited, for 1 pound with immediate effect.

The acquisition, funded from existing resources, excludes the assets and liabilities of the parent companies of SVB UK.

For 2022, SVB UK posted a profit before tax of 88 million pounds. As of March 10, SVB UK had loans of around 5.5 billion pounds and deposits of around 6.7 billion pounds.

Noel Quinn, HSBC Group CEO, said: "This acquisition makes excellent strategic sense for our business in the UK. It strengthens our commercial banking franchise and enhances our ability to serve innovative and fast-growing firms, including in the technology and life-science sectors, in the UK and internationally."

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