Home Trading HSBC acquires UK’s Silicon Valley Bank for £1

HSBC acquires UK’s Silicon Valley Bank for £1


Noel Quinn was the CEO at HSBC Group.

This acquisition is a strategic decision for our UK business. This acquisition strengthens our commercial banking network and increases our ability to service innovative and fast-growing companies, both in the UK as well as internationally, including those in the technology, life-science, and financial sectors.

The UK Financial Conduct Authority stated Monday that it was working closely with Bank of England, UK Authority and other stakeholders in the sale of SVB UK. The UK regulator stated that the UK bank is still allowed to operate.

According to the FCA:

SVBUK continues to be approved by the PRA as well as the FCA. It will operate as normal and the Bank of England and HM Treasury have confirmed depositors’ money is safe as a result of the transaction.

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