MADRID, March 13 (EUROPA PRESS) –
HSBC Holdings announced this Monday that its UK subsidiary, HSBC UK Bank, will acquire Silicon Valley Bank UK Limited (SVB UK) for £1 (1.13 euros).
As of 10 March 2023, SVB UK had loans of around 5,500 million pounds (6,218 million euros) and deposits of around 6,700 million pounds (7,575 million euros), compared to last year’s profit before tax of 88 million pounds (99.5 million euros).
The assets and liabilities of parent company SVB UK were excluded from the transaction, which was completed immediately and will be financed from existing resources, HSBC said.
“This acquisition is very strategic for our UK business,” said HSBC CEO Noel Quinn in a statement, stressing protections for depositors of SVB’s UK subsidiary.
“SVB UK customers can continue to carry out their normal banking activities, safe in the knowledge that their deposits are backed by the strength, safety and security of HSBC,” he added.
As explained by the largest banking entity in the Old Continent by assets, it is expected that SVB UK’s tangible capital will be around 1,400 million pounds sterling (1,583 million euros), adding that the final calculation of the profits made from the acquisition will be provided in due course.
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