HSBC acquires Silicon Valley Bank UK Limited

As at 10 March 2023, SVB UK had loans of around £5.5bn and deposits of around £6.7bn. For the financial year ending 31 December 2022, SVB UK recorded a profit before tax of £88m. SVB UK’s tangible equity is expected to be around £1.4bn. Final calculation of the gain arising from the acquisition will be provided in due course. The assets and liabilities of the parent companies of SVB UK are excluded from the transaction. The transaction completes immediately. The acquisition will be funded from existing resources.

Noel Quinn, HSBC Group CEO, said, “This acquisition makes excellent strategic sense for our business in the UK. It 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 UK and internationally.

“We welcome SVB UK’s customers to HSBC and look forward to helping them grow in the UK and around the world. SVB UK customers can continue to bank as usual, safe in the knowledge that their deposits are backed by the strength, safety and security of HSBC. We warmly welcome SVB UK colleagues to HSBC, we are excited to start working with them.”

HSBC will update shareholders on the acquisition at its 1Q 2023 results on 2 May 2023.

HSBC
HSBC UK serves over 14 million customers across the UK, supported by 18,500 colleagues. HSBC UK offers a
complete range of retail banking and wealth management to personal and private banking customers, as well as
commercial banking for small to medium businesses and large corporates.
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers
worldwide from offices in 62 countries and territories in its geographical regions: Europe, Asia, North America,
Latin America, the Middle East and North Africa. With assets of US$2,967bn at 31 December 2022, HSBC is one
of the world's largest banking and financial services organisations.

Silicon Valley Bank UK Limited
Silicon Valley Bank UK Limited was a subsidiary of Silicon Valley Bank, a Delaware corporation and subsidiary of
SVB Financial Group. Silicon Valley Bank UK entered the UK market in 2004, and specialised in serving the UK
technology and life-sciences sectors, assisting entrepreneurs, investors and innovative companies, building a
portfolio of loyal customers. It has used deep sector knowledge, expertise and capabilities to serve and grow this
critical part of the economy.

------------------------------------------------------------------------

Disclaimer: The text above is a press release that was not written by Finyear.com.
The issuer is solely responsible for the content of this announcement.

Avertissement : Le texte ci-dessus est un communiqué de presse qui n'a pas été rédigé par Finyear.com.
L'émetteur est seul responsable du contenu de cette annonce.

-------------------------------------------------------------------------

Les avis financiers et/ou économiques présentés par les contributeurs de Finyear.com (experts, avocats, observateurs, bloggers, etc...) sont les leurs et peuvent évoluer sans qu’il soit nécessaire de faire une mise à jour des contenus. Les articles présentés ne constituent en rien une invitation à réaliser un quelconque investissement.

The financial and/or economic opinions presented by Finyear.com contributors (experts, lawyers, observers, bloggers, etc.) are their own and may change without the need to update the content. The articles presented do not constitute an invitation to make any investment.