HSBC has released a statement saying it is set to buy the United Kingdom arm of Silicon Valley Bank for £1. The move secures the deposits of over 3,000 SVB UK customers with deposits of more than $US8.1 billion. SVB UK has loans of around $US6.7 billion.

HSBC acquires the UK arm of Silicon Valley Bank | WION Dispatch

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HSBC acquires the UK arm of Silicon Valley Bank | WION Dispatch