HSBC acquires Silicon Valley Bank UK unit for £1 Read more at: https://economictimes.indiatimes.com

 

STORY OUTLINE

• HSBC chief executive Noel Quinn said the acquisition makes "excellent strategic sense" for the bank's UK business
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• The move comes after US authorities moved to shore up deposits and stem any wider fallout from the sudden collapse of its parent
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• As of March 10, Silicon Valley Bank UK Limited had loans of around £5.5 billion and deposits of around £6.7 billion, HSBC said.

Read more at:
https://economictimes.indiatimes.com/tech/technology/hsbc-says-it-has-acquired-silicon-valley-bank-uk/articleshow/98600030.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst