Per CNBC
HSBC rescues Silicon Valley Bank UK by acquiring it for £1
3/13/2023
As the Silicon Valley Bank collapsed, so did its UK arm. HSBC has decided to come to the rescue and purchase SVB UK for just £1, equivalent to $1.21.
However, this doesn't include assets and liabilities owned by the parent company of SVB UK. HSBC Group CEO Noel Quinn gave a statement regarding their decision to purchase the bank's UK arm.
Quinn: 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,”
Because of the acquisition, it was noted that customers of SVB UK would be able to continue to bank as usual. This time, HSBC will provide the strength, safety, and security to back their deposits.
So far, here are the numbers from SVB UK:
- Full-year profit before tax in 2022 - £88 million (around 106.4 million USD)
- Tangible equity - £1.4 billion (around $1.69 billion USD)
- Loans - £5.5 billion (around $6.6 billion USD)
- Worldwide deposits - £6.7 billion (around $8.1 billion USD)
These details were highlighted in a Monday statement by HSBC, but it said that the final calculations are to follow. These calculations were regarding the gain coming from the acquisition.
Toby Mather, the co-founder of Lingumi, a startup children's education platform, gave a statement regarding how he was a customer at the company for seven years.
Mather: “I think I speak on behalf of UK startups when we say this is a huge relief and we can look our teams in the eye at 9 o’clock in our all-hands calls"
Just weeks before the collapse, Silicon Valley Bank CEO Greg Becker sold $3.57 million worth of stock. Now, Congressman Ro Khana said that he should return the gains he made from this sale.
Silicon Valley Bank deleted its Twitter account and website.
See flow at unusualwhales.com/flow.
Other News:
- Congressman Ro Khanna has said that Silicon Balley Bank CEO Greg Becker should return gains from a recent stock sale
- Silicon Valley Bank has deleted their Twitter account
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