HSBC UK Bank Acquires SVB UK in £1 Transaction

HSBC Holdings plc has issued a statement regarding the acquisition of Silicon Valley Bank UK Limited (SVB UK) by its UK ring-fenced subsidiary, HSBC UK Bank plc. The transaction is valued at £1. As of 10 March 2023, SVB UK had loans amounting to approximately £5.5bn and deposits totaling around £6.7bn.