HSBC buying SVB’s UK subsidiary

Sudden collapse: A view of SVB in Copenhagen. Governments in the United States and Britain are taking extraordinary steps to stop a potential banking crisis after the historic failure of the bank. — AP

LONDON: HSBC Holdings Plc is buying the UK arm of Silicon Valley Bank (SVB), the culmination of a frantic weekend where ministers and bankers explored various ways to avert the SVB unit’s collapse.

The London-listed lender’s “ring-fenced subsidiary, HSBC UK Bank Plc, is acquiring Silicon Valley Bank UK Limited (SVB UK) for £1 (US$0.82 or RM5.47),” HSBC said in a statement.