HSBC Holdings Plc, the new owner of Silicon Valley Bank’s (SVB) UK unit, plans to inject 2 billion pounds ($2.4 billion) of liquidity into the branch.
CEO Noel Quinn and HSBC UK chief Ian Stuart announced in a phone call yesterday to London tech investors that the bank will commit billions of pounds to keep business as usual at SVB UK.
A bank spokesperson confirmed the amount.
HSBC’s UK-based subsidiary acquired the unit for £1 on Monday, according to a statement. He stated that the deal will be financed from available resources.
Quinn said the acquisition makes strategic sense and will improve the bank’s position in the technology and life sciences sectors.
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HSBC buys SVB UK for £1