HSBC acquired the U.K. branch of the failing Silicon Valley Bank for just 1 pound, or $1.21.
The two entities came to the agreement after a full night of negotiations between HSBC and the U.K. Treasury. The government had to issue a special waiver in order to allow the acquisition, specifically regarding ringed fence laws, regulations that were put in place after the 2008 financial crisis that requires banks to separate their retail banking services from their investment and international banking activities, Bloomberg reported.The U.K.
He added that the action had only been taken following consultation with several government ministries. "Today's actions will protect SVB UK's customers and depositors who will be able to access banking services as normal. This will provide comfort to the UK's innovation sector, given the reliance of many of these firms on SVB UK," he explained.
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