HSBC bought Silicon Valley Bank UK in record time — here's how events unfolded
Publishing timestamp: 2023-03-16 04:44:28
Summary
HSBC UK has acquired Silicon Valley Bank UK for £1 in a deal that protected £6.7 billion in deposits. The acquisition came after Silicon Valley Bank UK was deemed insolvent by American regulators, causing the Bank of England to place it into insolvency procedure. HSBC UK CEO Ian Stuart said the deal was a competitive situation and that the due diligence process was completed in just five hours. The acquisition will help HSBC accelerate its strategic plan by two or three years.
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Keywords: banks, stock markets, svb financial group, europe news, business news, hsbc holdings plc, politics, ceo, united kingdom, economy,
Source: https://www.cnbc.com/2023/03/16/hsbc-ceo-on-how-the-bank-bought-silicon-valley-bank-uk-.html