HSBC announces acquisition of Silicon Valley Bank unit in Britain

HSBC has launched a $100 million fund to support UAE small businesses.

HSBC announced on Monday that it had acquired Silicon Valley Bank in Britain for one pound sterling.

HSBC Chief Executive Noel Quinn said in a statement: "This acquisition has an excellent strategic return on our UK business.

Chancellor of the Exchequer Jeremy Hunt said the government and the Bank of England had facilitated the sale of Britain's Silicon Valley unit to HSBC, a move that would protect deposits without taxpayer support.

"This ensures that customer deposits are protected and banking continues as usual, without support from taxpayers," Hunt said. I am glad we have reached a solution in such a short time."

"HSBC is Europe's largest bank and Silicon Valley UK customers should feel reassured about the strength and security" that the acquisition means, he said.

This comes after US authorities moved to shore up deposits and halt any wider fallout from the sudden collapse of Silicon Valley, which is tracked by the British unit.