HSBC Holdings to buy Silicon Valley Bank's UK arm for £1 in tech repreive

HSBC Holdings Plc is set to buy the UK arm of Silicon Valley Bank, the culmination of a frantic weekend where ministers and bankers explored various ways to avert the SVB unit’s collapse.
 

The London-listed lender’s “ring-fenced subsidiary, HSBC UK Bank plc, is acquiring Silicon Valley Bank UK Limited (SVB UK) for £1,” HSBC said in a statement Monday.

“This acquisition makes excellent strategic sense for our business in the UK,” Chief Executive Officer Noel Quinn said in the statement. “SVB UK customers can continue to bank as usual, safe in the knowledge that their deposits are backed by the