HSBC Holdings PLC HSBC acquires Silicon Valley Bank UK (7216S)
March 13 2023 - 3:00AM
UK Regulatory
TIDMHSBA
RNS Number : 7216S
HSBC Holdings PLC
13 March 2023
13 March 2023
HSBC Acquires Silicon Valley Bank UK Limited
Strategic acquisition to strengthen HSBC's banking franchise in
UK
HSBC Holdings plc announces that its UK ring-fenced subsidiary,
HSBC UK Bank plc, is acquiring Silicon Valley Bank UK Limited (SVB
UK) for GBP1.
As at 10 March 2023, SVB UK had loans of around GBP5.5bn and
deposits of around GBP6.7bn. For the financial year ending 31
December 2022, SVB UK recorded a profit before tax of GBP88m. SVB
UK's tangible equity is expected to be around GBP1.4bn. Final
calculation of the gain arising from the acquisition will be
provided in due course. The assets and liabilities of the parent
companies of SVB UK are excluded from the transaction. The
transaction completes immediately. The acquisition will be funded
from existing resources.
Noel Quinn, HSBC Group CEO, said, "This acquisition makes
excellent strategic sense for our business in the UK. It
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 UK and
internationally.
"We welcome SVB UK's customers to HSBC and look forward to
helping them grow in the UK and around the world. SVB UK customers
can continue to bank as usual, safe in the knowledge that their
deposits are backed by the strength, safety and security of HSBC.
We warmly welcome SVB UK colleagues to HSBC, we are excited to
start working with them."
HSBC will update shareholders on the acquisition at its 1Q 2023
results on 2 May 2023.
Investor enquiries to:
Richard O'Connor +44 7909 873681
Media enquiries to:
Kirsten Smart +44 7725 733311
Notes to editors:
1. HSBC
HSBC UK serves over 14 million customers across the UK,
supported by 18,500 colleagues. HSBC UK offers a complete range of
retail banking and wealth management to personal and private
banking customers, as well as commercial banking for small to
medium businesses and large corporates.
HSBC Holdings plc, the parent company of HSBC, is headquartered
in London. HSBC serves customers worldwide from offices in 62
countries and territories in its geographical regions: Europe,
Asia, North America, Latin America, the Middle East and North
Africa. With assets of US$2,967bn at 31 December 2022, HSBC is one
of the world's largest banking and financial services organisations
.
2. Silicon Valley Bank UK Limited
Silicon Valley Bank UK Limited was a subsidiary of Silicon
Valley Bank, a Delaware corporation and subsidiary of SVB Financial
Group. Silicon Valley Bank UK entered the UK market in 2004, and
specialised in serving the UK technology and life-sciences sectors,
assisting entrepreneurs, investors and innovative companies,
building a portfolio of loyal customers. It has used deep sector
knowledge, expertise and capabilities to serve and grow this
critical part of the economy.
ends/all
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END
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