In historic last-minute deal, HSBC acquires Silicon Valley Bank UK, says all depositors’ money is safe

HSBC UK is acquiring Silicon Valley Bank UK for a symbolic £1, after a tense weekend of frantic negotiations by the UK government, regulators and a suite of other potential suitors.
The deal is a massive relief to the UK technology sector, which was highly exposed to the collapse of SVB and it’s uk arm, and will be seen to have supported confidence in the financial system.
HSBC said the transaction “completes immediately”. The acquisition will be funded from existing resources. The bank added in a statement:
“As at 10 March 2023, SVB UK had loans of around £5.5bn and deposits of around £6.7bn.

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