Mar 13, 2023
HSBC to buy UK arm of Silicon Valley Bank
A deal has been agreed for HSBC to buy the UK arm of the failed US Silicon Valley Bank, the government has announced. The Treasury said the deal with HSBC involved no taxpayer money and the Bank of England said deposits were secure. Noel Quinn, HSBC Group chief executive, said UK customers of SVB could "Continue to bank as usual, safe in the knowledge that their deposits are backed by the strength, safety and security of HSBC". The deal comes after SVB - which specialised in lending to technology companies - went bust in the US on Friday in the largest failure of a US bank since the financial crisis in 2008. He said the sale, facilitated by the government and the Bank of England, "Ensures customer deposits are protected and can bank as normal, with no taxpayer support". HSBC's purchase of SVB's UK arm comes after the US Federal Reserve and Federal Deposit Insurance Corporation said on Sunday that depositors in the US would be fully protected.
Related companies
Make a complaint about HSBC by viewing their customer service contacts.
