HSBC buys the English branch of Silicon Valley Bank for 1 pound

HSBC buys the English branch of Silicon Valley Bank for 1 pound

The misfortune of one bank is the happiness of another – While Silicon Valley is experiencing dark days taking with it its English branch, HSBC today announced that HSBC UK Bank redeemed the Silicon Valley Bank UK For 1 pound sterling or 1.21 dollars.

This purchase for a pittance is strategic, because the bank has shareholders’ equity which after studies should amount to 1.4 billion pounds sterling or 1.7 billion dollars. This transaction excludes the assets and liabilities of SVB UK.

Noel QuinnTHE CEO of HSBC Group To greeted the success of this new union:

“This acquisition is strategic for our UK business. It strengthens our commercial banking franchise and enhances our ability to serve innovative and fast-growing businesses, including in the technology and finance sectors in the UK and internationally (…). We welcome SVB UK customers to HSBC and look forward to helping them grow in the UK and around the world. SVB UK customers can continue to bank as usual, knowing that their deposits are backed by the strength, safety and security of HSBC. »

This announcement comes just after the American authorities forced the Silicon Valley bank to cease its operations, to then deploy a emergency plan to avoid an economic cataclysm. Despite everything, the repercussions quickly made themselves felt, both with Circle and its USDC only from Ripple. Let’s stay connected, the day has only just begun.

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