HSBC acquires UK division of SVB for £1
[ad_1]
HSBC announced about the purchase of the British division of the bankrupt American bank Silicon Valley Bank (SVB) for a symbolic sum of £1.
“The deal is of significant strategic importance to our business in the UK,” said HSBC CEO Noel Quinn. “SVB UK customers can continue to use the bank as usual in the confidence that their deposits are protected by the strength, resilience and security of HSBC.”
Silicon Valley Bank is the 16th largest bank in the US and has been focused on startups. His bankruptcy, which announced March 10, was the largest since the 2008 crisis. The bank became the second largest bankrupt in US history after Washington Mutual Bank. From US authorities demanded to intervene to save the bank’s customers’ funds and take emergency measures to contain the crisis caused by the collapse of SVB. The US Treasury yesterday, March 12, declaredthat the state will not save the SVB. Later authorities declaredthat depositors of the bankrupt bank will have access to their accounts today, March 13.
SVB UK ended 2022 with a pre-tax profit of £88m, HSBC said in a statement. The bank’s deposits at the end of the year were approximately £6.7bn and loans were £5.5bn.
Read more about the collapse of SVB – in the material “Extremely Technological Bankruptcy”.
[ad_2]
Source link
