City Of London
HSBC’s £2 Billion Boost for SVB’s UK Unit Caps Frantic Weekend
- Lender bought SVB’s UK arm on Monday after weekend of talks
- Executives reassure tech investors over post-acquisition plans
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HSBC Holdings Plc is planning to inject £2 billion ($2.4 billion) of liquidity into Silicon Valley Bank’s UK division, a move capping a frenzied weekend of talks that saw Europe’s largest lender take ownership of the stricken subsidiary.
Chief Executive Officer Noel Quinn and Ian Stuart, the head of HSBC UK, told London tech investors on a call Monday that the bank would commit billions of pounds to ensure that business-as-usual continued at SVB UK after it bought the unit for £1.