The government and HSBC have announced that the UK arm of failed US lender Silicon Valley Bank has been sold to HSBC for a nominal £1 ($1.2) in a rescue deal.Information Guide Nigeria

This comes after SVB collapsed Friday sparking panic in Britain over its customers in the technology and life science sectors. The deal, overseen by the Bank of England and the Treasury.

“Silicon Valley Bank (UK) Ltd has today been sold to HSBC,” said a Treasury statement after urgent talks over the weekend.

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“This transaction has been facilitated by the Bank of England, in consultation with the Treasury, using powers granted by the Banking Act 2009.”NYSC Portal

Speaking, Finance minister Jeremy Hunt said:

“This (deal) ensures customer deposits are protected and can bank as normal, with no taxpayer support.

“I am pleased we have reached a resolution in such short order.”

Also, bank giant added in a separate statement that HSBC has agreed to pay just £1 for the business.

The Asia-focused lender added that SVB UK had loans of about £5.5 billion and deposits of around £6.7 billion.

HSBC chief executive, Noel Quinn, 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.”

Noel Quinn added that SVB UK’s customers “can continue to bank as usual” and will be “safe in the knowledge that their deposits are backed by the strength, safety and security of HSBC”.JAMB Result

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