HSBC pays 1 to rescue UK arm of Silicon Valley Bank after all-night talks
Source: CNBC
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.
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,” said HSBC Group CEO Noel Quinn.
“SVB U.K. customers can continue to bank as usual, safe in the knowledge that their deposits are backed by the strength, safety and security of HSBC.”
Read more: https://www.cnbc.com/2023/03/13/hsbc-buys-silicon-valley-bank-uk-protecting-deposits-.html
Headline (with British pound symbol) - HSBC pays £1 to rescue UK arm of Silicon Valley Bank after all-night talks
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A shady bank, imo. I'd call them the Wells Fargo of the UK -- huge, and won't abide banking regulations, repeatedly fined for money laundering, sometimes in connection to criminal organizations such as the Sinaloa cartel, or setting up large scale tax avoidance schemes. "Asset management," they call it.
Hilarious that it says customers are "safe in the knowledge that their deposits are backed by the strength, safety and security of HSBC.” 
After BB speaks to the strength that undergirds our banking sector and economy, some guy asks him what he knows about "ripple effects."
