The acquisition was done in a bid to strengthen HSBC’s banking franchise in the UK, says the bank in its March 13 statement.
HSBC’s UK ring-fenced subsidiary, HSBC UK Bank plc, is acquiring Silicon Valley Bank UK Limited (SVB UK) for GBP1 ($1.63).
The assets and liabilities of SVB UK’s parent companies will be excluded from the transaction, which is expected to be completed immediately.
