British banking major HSBC Holdings Plc has acquired collapsed Silicon Valley Bank's UK unit in a 1 pound rescue deal, with immediate effect. The move comes after the California-based Silicon Valley Bank was shut down on last Friday by U.S. regulators following the biggest U.S. bank failure since the 2008 financial crisis.
Following the news, HSBC shares were losing around 4 percent in the early morning trading in London as well as around 2 percent in pre market activity on the NYSE.
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.