HSBC to rescue Silicon Valley Bank’s UK subsidiary in a £1 deal

HSBC is set to rescue Silicon Valley Bank’s UK subsidiary in a deal worth just over £1 ($1.4 billion), according to reports. The move would see HSBC acquire the technology-focused bank’s UK arm, bolstering its position in the fast-growing digital economy sector. The deal comes after all-night talks between the two banks, according to CNBC. SVB has been hit hard by the pandemic, with losses of over $108 million in the first nine months of 2020. The agreement would also help ease concerns about the US firm’s viability, which suffered a blow earlier this month when it was forced to abandon its proposed merger with First Republic Bank.