HSBC: immediate takeover of SVB's UK business
(CercleFinance.com) - HSBC Holdings announced on Monday that it is buying the UK business of the troubled US bank Silicon Valley Bank, SVB, for a symbolic £1.
Noel Quinn, the banking giant's chief executive, said in a statement that the deal made "strategic sense" by enabling bank to strengthen its position in the high-growth technology and life sciences sectors.
As of 10 March, SVB UK had outstanding loans of around £5.5bn and deposits of around £6.7bn.
In the year under review, SVB's UK subsidiary made a pre-tax profit of £88 m, based on estimated tangible equity of around £1.4bn.
HSBC plans to provide an update on the acquisition at its next quarterly results release, scheduled for 2 May.
Following the announcement, HSBC shares were pretty flat in early trading on the London Stock Exchange on Monday.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
Noel Quinn, the banking giant's chief executive, said in a statement that the deal made "strategic sense" by enabling bank to strengthen its position in the high-growth technology and life sciences sectors.
As of 10 March, SVB UK had outstanding loans of around £5.5bn and deposits of around £6.7bn.
In the year under review, SVB's UK subsidiary made a pre-tax profit of £88 m, based on estimated tangible equity of around £1.4bn.
HSBC plans to provide an update on the acquisition at its next quarterly results release, scheduled for 2 May.
Following the announcement, HSBC shares were pretty flat in early trading on the London Stock Exchange on Monday.
Copyright (c) 2023 CercleFinance.com. All rights reserved.