HSBC Buys Silicon Valley Bank’s UK Subsidiary for 1 Pound

HSBC Buys Silicon Valley Bank’s UK Subsidiary for 1 Pound
A pedestrian walks past a branch of a HSBC bank in central London on Aug. 3, 2020. Daniel Leal/AFP via Getty Images
Naveen Athrappully
Updated:
0:00

Banking giant HSBC said on March 13 that it will acquire the UK subsidiary of Silicon Valley Bank (SVB) after the U.S. bank failed last week, triggering concerns about the falloff affecting the UK’s tech sector.

Santa Clara-based SVB failed on March 10, with California regulators ordering the firm to shut down and appointing the Federal Deposit Insurance Corporation (FDIC) as the receiver.

Naveen Athrappully
Naveen Athrappully
Author
Naveen Athrappully is a news reporter covering business and world events at The Epoch Times.
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