HSBC acquires the UK subsidiary of Silicon Valley Bank for £1, with the latter's tangible assets estimated at around £1.4 billion

2023-03-13 15:08:37

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ChainCatcher news, according to the official announcement from the London Stock Exchange, HSBC has acquired the UK subsidiary of Silicon Valley Bank (SVB UK) for £1.

As of March 10, 2023, SVB UK is expected to have approximately £5.5 billion in loans and about £6.7 billion in deposits. For the fiscal year ending December 31, 2022, SVB UK's pre-tax profit was £88 million. The tangible assets of SVB UK are estimated to be around £1.4 billion. The final calculation of the proceeds from the acquisition will be provided in due course. The assets and liabilities of SVB UK's parent company are not included in the transaction. The deal is completed immediately. This acquisition will be funded by existing resources.

HSBC will update shareholders on the acquisition in its Q1 2023 results on May 2, 2023. (source link)

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