Silicon Valley Bank’s UK Unit to be Acquired for One Pound by HSBC Subsidiary 

HSBC Holdings Plc has announced that its UK subsidiary, HSBC UK Bank, will acquire Silicon Valley Bank UK for £1.

The deal, described as a strategic acquisition to strengthen HSBC’s banking franchise in the UK, will further restrict the economic fallout resulting from the bank’s collapse.

HSBC Group CEO, Noel Quinn, says his 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.