HSBC Pays £1 to Rescue UK Arm of Silicon Valley Bank after All-Night Talks

After a night of intense negotiations, HSBC reached an agreement to purchase the UK operations of Silicon Valley Bank (SVB) for just £1. The acquisition will end a “nightmare” for the UK’s tech industry, who have struggled to find banking services suited to their needs.

SVB, which has been struggling for some time, had recently collapsed, leading to concerns over the impact on the wider tech ecosystem. However, the move by HSBC has been praised as a critical lifeline for the industry by many in the sector.

The acquisition will see HSBC take on SVB’s entire UK operation, including all current offices, employees, and product offerings. The bank’s CEO, Noel Quinn, praised the transaction, calling it a “landmark moment for HSBC and the UK’s tech industry.”

The purchase is expected to be completed in the coming weeks, subject to regulatory approval. Many in the industry are hopeful that this move will pave the way for other banks to increase their focus on the country’s tech sector, helping to fuel growth and innovation.