ISTANBUL
The-UK based private lender HSBC announced on Monday that it acquired Silicon Valley Bank UK for £1 ($1.2).
Loans of the UK subsidiary of the collapsed Silicon Valley Bank amounted to £5.5 billion and deposits totaled £7.6 billion as of March 10, the British banking giant said.
Last year, Silicon Valley Bank UK’s profit was at £88 million before taxation.
The move came after the US regulators on Friday shut down the California-based Silicon Valley Bank, marking a shocking collapse.
Noel Quinn, the CEO of HSBC, said the acquisition was an “excellent strategic” move for HSBC’s operations in the UK.
The US-based commercial bank was the largest bank in Silicon Valley based on local deposits and it was 16th-biggest bank in the country.
Its total assets were at around $209 billion while its deposits amounted to nearly $175.4 billion as of the end of 2022. The bank sold this week its $21 billion bond portfolio at a $1.8 billion loss.
