HSBC pays £1 to rescue UK arm of Silicon Valley Bank after all-night talks
Publishing timestamp: 2023-03-13 12:42:12
Summary
HSBC has acquired the U.K. subsidiary of Silicon Valley Bank for £1 ($1.21) in a deal that excludes the assets and liabilities of the parent company. The acquisition will strengthen HSBC's commercial banking franchise and enhance its ability to serve innovative and fast-growing firms, particularly in the technology and life-science sectors. The sale was facilitated by the Bank of England in consultation with the U.K. Treasury to protect the deposits of Silicon Valley Bank's U.K. clients. The acquisition caused relief for British startups, with one CEO stating that it was a "huge relief" and that they could continue business as usual.
Sentiment: NEUTRAL
Keywords: hsbc holdings plc, signature bank, economy, business news, banks, u.s. economy, breaking news: europe, breaking news: markets,
Source: https://www.cnbc.com/2023/03/13/hsbc-buys-silicon-valley-bank-uk-protecting-deposits-.html