Home Europe United Kingdom HSBC acquires Silicon Valley Bank UK for less than Dhs5 The assets and liabilities of the parent companies of SVB UK are excluded from the transaction by Divsha Bhat March 13, 2023 HSBC Holdings has announced that its UK ring-fenced subsidiary, HSBC UK Bank, is acquiring Silicon Valley Bank UK (SVB UK) for GBP1. SVB UK had loans of approximately GBP5.5bn and deposits of approximately GBP6.7bn at the end of March 10, 2023. For the financial year ending December 31, 2022, SVB UK recorded a profit before tax of GBP88m. Silicon Valley Bank UK’s tangible equity is expected to be around GBP1.4bn. Following the announcement that @HSBC_UK has acquired SVB UK, we’re resuming normal operations from today. Our clients should not notice any significant changes, however, there may be short delays across the next few days as we return to business as usual. Thanks for the support — Silicon Valley Bank UK (@SVB_UK) March 13, 2023 The final calculation of the gain arising from the acquisition will be provided in due course. Parent companies of Silicon Valley Bank UK The assets and liabilities of the parent companies of Silicon Valley Bank UK are excluded from the transaction. The transaction completes immediately. The acquisition will be funded from existing resources. Noel Quinn, HSBC group CEO, said: “This acquisition makes excellent strategic sense for our business in the UK. “It strengthens our commercial banking franchise and enhances our ability to serve innovative and fast-growing firms, including in the technology and life-science sectors, in the UK and internationally.” He added: “We welcome SVB UK’s customers to HSBC and look forward to helping them grow in the UK and around the world. SVB UK customers can continue to bank as usual, safe in the knowledge that their deposits are backed by the strength, safety and security of HSBC. “We warmly welcome SVB UK colleagues to HSBC, we are excited to start working with them.” HSBC will update shareholders on the acquisition at the announcement of its Q1 2023 results on May 2. Read: Aramco unit hires HSBC, Citigroup for Riyadh share sale Tags acquisition Banking HSBC Bank Silicon Valley Bank UK 0 Comments You might also like Saudi’s Dallah Health to acquire stakes in Al Ahsa, Al Salam Medical Services Emirates NBD, BeZero Carbon partner to support carbon market trading UK, Egypt issue alerts for Lebanon airspace EFG Hermes ONE rebrands, unveils new trading platform