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HSBC pays £1 to rescue UK arm of Silicon Valley Bank after all-night talks


From WWW.CNBC.COM

LONDON — HSBC on Monday announced a deal to buy the U.K. subsidiary of collapsed U.S. tech startup lender Silicon Valley Bank, following all-night talks.

HSBC confirmed that its U.K. ring-fenced subsidiary, HSBC UK Bank, had agreed to acquire SVB U.K. for £1 ($1.21). The assets and liabilities of SVB U.K.’s parent company are excluded from the transaction….. (Read more)

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