Silicon Valley Bank UK customers and employees would be transferred to HSBC as part of the deal.
Global banking giant HSBC Holdings is coming to rescue the United Kingdom-based branch of the collapsed Silicon Valley Bank with a new acquisition.on March 13 that its subsidiary HSBC UK Bank is acquiring Silicon Valley Bank UK Limited for one British pound sterling , or $1.21.
For the financial year ending Dec. 31, 2022, SVB UK recorded a profit before tax of 88 million GBP . SVB UK's tangible equity is expected to be around 1.4 billion GBP .
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