HSBC Subsidiary to Acquire Silicon Valley Bank's UK Unit For £1
TL;DR HSBC Holdings plc today announced that it is acquiring Silicon Valley Bank UK Limited (SVB UK) for £1. The acquisition will enable HSBC to better serve innovative and fast-growing firms, particularly in the technology and life science sectors, both in the UK and internationally. As of 10 March 2023, SVB UK had loans of around £5.5 billion and deposits of around £6.7 billion.
HSBC Holdings plc today said that its UK ring-fenced subsidiary, HSBC UK Bank plc, is acquiring Silicon Valley Bank UK Limited (SVB UK) for £1, as per a filing.
As of 10 March 2023, SVB UK had loans of around £5.5 billion and deposits of around £6.7 billion, the filing read.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.
(This is a developing story.)