Noel Quinn is the CEO of HSBC Group.
This acquisition is a strategic decision for our UK business. It will strengthen our commercial banking business and increase our ability serve innovative and rapidly-growing businesses, both within the UK and abroad, as well as in the life-science and technology sectors.
On Monday, the UK Financial Conduct Authority stated that it was working closely with Bank of England as well as the UK Authority to sell SVB UK. The UK regulator pointed out that the UK bank continues to be authorized to operate.
According to the FCA:
SVBUK continues to be approved by the PRA as well as the FCA. It will operate as normal and the Bank of England and HM Treasury have confirmed depositors’ money is safe as a result of the transaction.
The post HSBC acquires UK’s Silicon Valley Bank for £1 appeared first on LeapRate.