HSBC Holdings is set to buy the UK arm of Silicon Valley Bank, the culmination of a frantic weekend where ministers and bankers explored various ways to avert the SVB unit’s collapse.
The London-listed lender’s “ring-fenced subsidiary, HSBC UK Bank plc, is acquiring Silicon Valley Bank UK Limited (SVB UK) for £1,” HSBC said in a statement Monday. The deal completes immediately and will be funded from existing resources.
“This acquisition makes excellent strategic sense for our business in the UK,” Chief Executive Officer Noel Quinn said in the statement. “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.”
The Bank of England said in a statement Monday that “all depositors’ money with SVB UK is safe and secure as a result of this transaction. The central bank said all SVB
You’ve reached your free article limit
Subscribe to enjoy unlimited access to trusted journalism. Cancel anytime.
Subscribe nowNeed help? molokom@insidepolitic.co.za
