• Silicon Valley Bank’s Uk device has been marketed to HSBC for 1 British pound, or $1.21.
• The Uk govt and the Bank of England facilitated the private sale, Chancellor Jeremy Hunt mentioned.
• “This acquisition makes exceptional strategic feeling for our business in the United kingdom,” HSBC CEO Noel Quinn stated.

HSBC has obtained Silicon Valley Bank’s United kingdom unit for 1 British pound, or $1.21, according to a assertion from the bank Monday.

The Uk authorities and the Financial institution of England facilitated the non-public sale, British Chancellor Jeremy Hunt said on Twitter.

“Deposits will be secured, with no taxpayer aid,” Hunt stated.

—Jeremy Hunt (@Jeremy_Hunt) March 13, 2023

“This acquisition can make outstanding strategic perception for our organization in the United kingdom,” HSBC Ceo Noel Quinn said in the bank’s statement.

The acquisition of Silicon Valley Bank’s United kingdom device came right after its California-primarily based dad or mum was shut down by California regulators Friday and taken over by the Federal Deposit Insurance policies Corporation (FDIC).  Silicon Valley Bank’s share costs had collapsed following a failed $2.3 billion capital increase.