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HSBC Acquires Silicon Valley Bank UK For £1: CEO Noel Quinn
The HSBC said that as of 10 March, Silicon Valley Bank UK had loans of nearly £5.5 billion and deposits of nearly £6.7 billion
Photo Credit : svb.com
Silicon Valley Bank
HSBC chief executive Noel Quinn said on Monday the firm is acquiring the UK subsidiary of Silicon Valley Bank for GBP 1 calling the move an 'excellent strategic sense'.
Quinn said that the acquisition will help to strengthen its commercial banking franchise and will enhance the ability to perform innovative and fast-growing companies including in the technology and life-science sectors, in the UK and globally.
Quinn added that HSBC welcomes SVB UK's customers to help them grow in the United Kingdom and across the world.
The customers can continue to bank as usual, safe in the knowledge that their deposits are backed by the strength, safety and security of HSBC.
UK chancellor Jeremy Hunt tweeted on the matter stating that the government of the UK and the Bank of England enabled a private sale of Silicon Valley Bank UK to HSBC Deposits. It will be protected and with no taxpayer support, we need to look after our tech sector.
The HSBC said that as of 10 March, Silicon Valley Bank UK had loans of nearly GBP 5.5 billion and deposits of nearly GBP 6.7 billion. Furthermore, SVB UK's tangible equity is predicted to be almost GBP 1.4 billion.