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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