Britain’s Finance Ministry and Bank of England helped to implement the deal, and three thousand customers will be benefited
HSBC has acquired the UK-based subsidiary of Silicon Valley Bank (SVB) for £1. Britain’s Ministry of Finance and the Bank of England have helped in this deal. Since this day HSBC has secured the deposits of more than 3000 customers of Silicon Valley Bank (SVB) UK, about 6.7 billion pounds.
According to experts, HSBC’s UK unit has only about 3000 customers, but its bankruptcy poses a threat to the technology sector. Actually, this area is considered important for Britain’s economic growth. HSBC has said that the bookkeeping of HSBC UK is 8.8 billion pounds.
It said, “This acquisition is strategically important for our businesses in the UK.” The deal will enable HSBC UK customers to access their deposits and avail of banking services in the normal way.
Britain’s Finance Minister Jeremy Hunt tweeted on Monday morning that “the government and the Bank of England have facilitated the sale of Silicon Valley Bank UK to HSBC.
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