“HSBC makes historic last-minute deal, acquires Silicon Valley Bank UK and ensures all depositors’ money is safe”

In a historic last-minute deal, HSBC has acquired Silicon Valley Bank UK, ensuring the safety of all depositors’ funds, according to TechCrunch. This comes after concerns about the financial stability of SVB, which prompted a live blog on Bloomberg. However, CNBC reports that HSBC’s purchase of SVB UK will protect deposits. CNN notes that HSBC is acquiring SVB’s UK business for just over $1, while The Wall Street Journal reports that HSBC will buy Silicon Valley Bank’s U.K. arm. Full coverage on this acquisition can be found on USNN.