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 1. Home
 2. News and media
 3. HSBC news
 4. HSBC buys Silicon Valley Bank UK


HSBC BUYS SILICON VALLEY BANK UK

14 Mar 2023


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We’ve acquired the UK arm of US lender Silicon Valley Bank (SVB).

“SVB UK customers can continue to bank as usual, safe in the knowledge that
their deposits are backed by the strength, safety and security of HSBC,” said
Noel Quinn, our Group Chief Executive.

HSBC UK Bank, which is the British-based ring-fenced subsidiary of HSBC,
purchased SVB UK for £1. The deal brings the staff, assets and liabilities of
SVB UK into the HSBC portfolio, but excludes those of SVB UK’s parent companies.

On Friday, US regulators shut down Silicon Valley Bank, which specialised in
lending to technology companies. It is the largest failure of a US bank since
2008.


SVB UK IN NUMBERS

As at 10 March 2023, SVB UK had loans of around £5.5bn and deposits of around
£6.7bn. For the financial year ending 31 December 2022, SVB UK recorded a profit
before tax of £88m. SVB UK’s tangible equity is expected to be around £1.4bn.

As at 10 March 2023, SVB UK had loans of around £5.5bn and deposits of around
£6.7bn.

For the financial year ending 31 December 2022, SVB UK recorded a profit before
tax of £88m.

SVB UK’s tangible equity is expected to be around £1.4bn.

“This acquisition makes excellent strategic sense for our business in the UK,”
said Noel. “It strengthens our commercial banking franchise and enhances our
ability to serve innovative and fast-growing firms, including in the technology
and life science sectors, in the UK and internationally.”

Ian Stuart, HSBC UK Chief Executive, added: “We’re proud that we’ve been able to
act quickly to take this action supporting the UK’s fast-growing and dynamic
technology sector and the important role that it plays in the UK economy.”

In its media release announcing the deal, the UK Treasury said that taxpayer
money was not involved in the transaction and customer deposits had been
protected.

Chancellor Jeremy Hunt welcomed the sale to HSBC and said it should bring
reassurance and confidence to SVB UK customers.

“The UK’s tech sector is genuinely world-leading and of huge importance to the
British economy, supporting hundreds of thousands of jobs,” he added. “I am
pleased we have reached a resolution in such short order.”

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HSBC NEWS

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HSBC SHAREHOLDERS REJECT BREAK-UP CALLS

Special resolution calling for us to spin off Asian businesses defeated at AGM.

Find out what happened in Birmingham


OUR SENIOR LEADERS MEET HONG KONG SHAREHOLDERS

The informal shareholders' meeting was held at Kowloonbay International Trade
and Exhibition Centre.

Read more


WE’VE SET CLIMATE TARGETS FOR THE REAL ECONOMY

We’ve announced further financed emissions targets for four carbon-intensive
sectors.

Read more
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