Justin Sullivan | Getty Images News | Getty Imageson Monday announced a deal to buy the U.K. subsidiary of the U.S. tech startup lender Silicon Valley Bank, which collapsed on Friday.
HSBC confirmed that its U.K. ring-fenced subsidiary, HSBC UK Bank, had agreed to acquire SVB U.K. for £1 . The assets and liabilities of SVB U.K.'s parent company are excluded from the transaction.The acquisition "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 U.K. and internationally," said HSBC Group CEO Noel Quinn.
British Finance Minister Jeremy Hunt stressed that the deal "ensures customer deposits are protected and can bank as normal, with no taxpayer support." Hunt had on Sunday said that the U.K. administration and the Bank of England were working to "avoid or minimize" potential damage resulting from the U.K. branch of SVB.
The Bank of London said that a consortium of private equity firms that it led had also submitted a formal proposal to the U.K. Treasury and the Prudential Regulation Authority at the Bank of England.
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