HSBC has just confirmed a deal to buy the UK subsidiary of Silicon Valley Bank.

HSBC has just confirmed a deal to buy the UK subsidiary of Silicon Valley Bank. HSBC has agreed to acquire SVB U.K for £1 ($1.21). The assets and liabilities of the parent company are excluded from the deal. The bank and the UK Treasury have confirmed this and confirmed that no other UK bank should be directly affected by these actions. For HSBC this means it has the ability to access an £88m profit on a £5.5bn loan book and £6.7bn of deposits, A good deal.

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