HSBC Holdings has bought Silicon Valley Bank UK for just over a dollar.
HSBC said in a press release that SVB UK had about $6.7 billion of loans and $8.1 billion of deposits on March 10. The company said that the final calculation of the gain arising from the acquisition “will be provided in due course.”
“This acquisition makes excellent strategic sense for our business in the UK,” Noel Quinn, HSBC Group CEO, said in the release.
“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,” Quinn added.