“HSBC Acquires Bank of Silicon Valley for Two Billion Pounds After One Pound Purchase”

British banking group HSBC, the new owner of Silicon Valley Bank in the UK, has announced that it intends to invest two billion pounds in the bank’s aforementioned branch.

Group CEO Noel Quinn and Ian Stewart, head of Tech Investors UK in London, said the bank is committing, as usual, to invest billions of pounds to ensure business continuity in Silicon Valley’s UK arm.

Quinn called the bank’s acquisition “strategically logical,” stressing that it will improve the bank’s position in the technology and life sciences sectors.

The bank representative confirmed the amount to be transferred.

HSBC acquired Silicon Valley Bank’s UK arm for a token £1 ($1.22) on Monday, at the height of a busy weekend when British ministers and bankers were looking for ways to calm the markets and keep savers’ money safe.

British Prime Minister Rishi Sunak said that after the collapse of the Silicon Valley bank in the US, there is no systemic risk for British banks.

Source: dpa