HSBC buys Silicon Valley Bank UK to protect startups from fizzling out

The Silicon Valley Bank UK acquisition will enable HSBC to expand its presence in the tech industry and further develop its fintech capabilities.

Following the sudden collapse of the Silicon Valley Bank in the U.S., HSBC Holdings has sealed the purchase of the U.K. arm of SVB for £1 ($1.21 USD). The deal, which came after protracted hours of negotiations involving the U.K. government, regulators and a consortium of private equity firms, was a move to save U.K. tech startups from an impending implosion.

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• U.K. tech firms’ cash crunch
• To what extent was the U.K. tech industry affected?
• What this means for tech leaders in the U.K.

U.K. tech firms’ cash crunch

After the California-based Silicon Valley Bank could no longer meet withdrawal demands in the U.S., the possible collapse of SVB UK — which ...