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HSBC’s Shaw Says Acquisition of SVB UK Made ‘Great Sense’

  • HSBC Australia CEO Antony Shaw speaks via video at AFR summit
  • Shaw says opportunities like SVB UK don’t come along too often
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HSBC Holdings Plc’s acquisition of Silicon Valley Bank’s UK arm made “great sense” from a business perspective and had nothing to do with pressure from regulators, according to Antony Shaw, chief executive officer of the bank’s Australia unit.

“It’s an opportunity that doesn’t come along very often,” Shaw said via video from Hong Kong at an AFR banking summit on Tuesday. “To secure that asset portfolio, liability portfolio, but also those 700 talented individuals and those 3,000 customers makes great sense.”