Breaking: Silicon Valley Bank UK arm acquired by HSBC for one pound

Global banking giant HSBC Holdings is coming to rescue the United Kingdom-based branch of the collapsed Silicon Valley Bank with a new acquisition.

HSBC officially announced on March 13 that its subsidiary HSBC UK Bank is acquiring Silicon Valley Bank UK Limited for one British pound sterling (GBP), or $1.21.

As of March 10, 2023, SVB UK had loans of around 5.5 billion GBP ($6.7 billion) and deposits of around 6.7 billion GBP ($8.1 billion), HSBC said in the announcement.

For the financial year ending Dec. 31, 2022, SVB UK recorded a profit before tax of 88 million GBP ($107 million). SVB UK’s tangible equity is expected to be around 1.4 billion GBP ($1.7 billion).

“Final calculation of the gain arising from the acquisition will be provided in due

Continue reading