HSBC buys US bank SVB's UK arm for 1 pound

By Agence France-Presse

Mar 14, 2023 12:07 am

LONDON: The UK arm of failed US lender Silicon Valley Bank (SVB) has been sold to HSBC for a nominal 1 pound ($1.2) in a rescue deal, the government and HSBC announced Monday.

The deal, overseen by the Bank of England and the Treasury, comes after SVB collapsed Friday sparking panic in Britain over its customers in the technology and life science sectors.

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