HSBC buys Silicon Valley Bank’s UK unit for £1 in rescue deal
HSBC Holdings plc announces that its UK ring-fenced subsidiary, HSBC UK Bank plc, is acquiring Silicon Valley Bank UK Limited (SVB UK) for £1.
SVB UK has been swept up in the implosion of California-based Silicon Valley Bank, which US regulators shut.
SVB UK will become part of HSBC’s ringfenced UK business, which has 14mn customers and 18,500 staff.
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Noel Quinn, HSBC Group CEO.