TechFlow news — According to an official announcement from the London Stock Exchange, HSBC has acquired Silicon Valley Bank UK for £1.
As of March 10, 2023, Silicon Valley Bank UK (SVB UK) is expected to have had approximately £5.5 billion in loans and around £6.7 billion in deposits. For the fiscal year ended December 31, 2022, SVB UK recorded a pre-tax profit of £88 million. The tangible assets of SVB UK are estimated at approximately £1.4 billion. The final calculation of the gains arising from the acquisition will be provided in due course. The assets and liabilities of SVB UK's parent company are not included in the transaction. The deal has completed immediately. The acquisition will be funded from existing resources.
HSBC will update shareholders on the acquisition during its Q1 2023 results on May 2, 2023. Source link
