Hongkong and Shanghai Banking Corporation Limited (HSBC) has acquired Silicon Valley Bank’s UK operations after the U.S. parent company declared bankruptcy.
HSBC, a small business lender OakNorth, and a consortium of private equity firms led by Bank of London, a clearing bank, had competed for the acquisition of Silicon Valley Bank.
However, after a private meeting between HSBC Chief Executive, Noel Quinn, the UK government, and the Bank of England, Silicon Valley Bank’s UK operations were handed to HSBC for £1 per share on Monday.
