HSBC Officially Buys UK's Silicon Valley Bank For £1!


 HSBC moved quickly to save the UK's Silicon Valley Bank (SVB) from going deeper into crisis by announcing the purchase of the bank for £1 (RM5.44) on Monday.

However, the assets and liabilities of SVB UK's parent company are excluded from the transaction.

The sale of the bank was supported by the UK Chancellor of the Exchequer, Jeremy Hunt, to prevent the government from having to make a major intervention to protect it

depositors as done by the Federal Reserve (Fed).

The matter was announced by Hunt in a tweet on Twitter, saying the government and the Bank of England (BOE) had facilitated the private sale of SVB UK to HSBC.

As a result, deposits will be protected without taxpayer support, said the finance minister.

Following the move, Hunt said he had fulfilled his promise to protect the country's technology sector.

In addition to Jeremy Hunt, the rescue mission involved Prime Minister Rishi Sunak, City minister Andrew Griffith, BOE governor Andrew Bailey and Sam Woods of the Prudential Regulation Authority.