May 2, 2023
Silicon Valley Bank: HSBC says UK buyout boosted profit by $1.5bn
Banking giant HSBC says its profits got a $1.5bn boost from the purchase of collapsed Silicon Valley Bank's British business. Europe's biggest bank posted a pre-tax profit of $12.9bn for the three months to the end of March. In March, HSBC bought SVB UK for a nominal £1, in a deal led by the government and the Bank of England. The London-headquartered lender said the profit included a "Provisional gain of $1.5bn on the acquisition of Silicon Valley Bank UK Limited". HSBC's strong performance comes against the backdrop of the global banking sector being rocked by the collapse of Silicon Valley Bank and Signature Bank in March and the forced buyout by Swiss banking giant UBS of rival Credit Suisse.
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