A British bank stepped in to buy collapsed California tech lender Silicon Valley Bank’s British arm for the equivalent of $1.21.
HSBC announced the deal for one British pound on Monday, following marathon talking through the night with federal officials. The deal does not include the assets or liabilities of the failed bank’s parent company, but is a first step toward sorting out the bank whose failure was announced Friday.
The acquisition “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 U.K. and internationally,” said HSBC Group CEO Noel Quinn. “SVB U.K. customers can continue to bank as usual, safe in the knowledge that their deposits are backed by the strength, safety
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