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HSBC Subsidiary to Acquire Silicon Valley Bank's U.K. Unit for 1 Pound

HSBC Holdings Plc (HSBA) said that its U.K ring-fenced subsidiary, HSBC U.K. Bank, is acquiring Silicon Valley Bank U.K. (SVB U.K.) for British pound 1, as per a filing.

  • As of Mar. 10 , SVB U.K. had loans of around $6.6 billion and deposits of around $8.1 billion, the filing read.
  • Noel Quinn, HSBC Group CEO, said, "This acquisition makes excellent strategic sense for our business in the U.K. 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 U.K. and internationally.
HSBC Silicon Valley Bank Crypto UK
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