HSBC buys Silicon Valley Bank UK Limited, paying a symbolic 1 pound ($1.21).
The deal, which sees one of the world’s biggest banks, with $2.9 trillion of assets, take the doomed British arm of the tech lender under its wing, brings to an end“HSBC is Europe’s largest bank, and SVB UK customers should feel reassured by the strength, safety, and security that brings them,” Britain’s finance minister Jeremy Hunt said.
The Bank of England said it had organized the sale to underpin confidence in the financial system and minimize any fallout for British technology firms. SVB UK is ringfenced from the US group, and HSBC said the assets and liabilities of the parent company were excluded from the transaction.
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