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statementThe UK government and the Bank of England facilitated the private sale, British Chancellor Jeremy Hunt said on"This acquisition makes excellent strategic sense for our business in the UK," HSBC CEO Noel Quinn said in the bank's statement. Silicon Valley Bank's UK unit tangible equity is expected to be around 1.4 billion pounds.said Friday it would place the subsidiary into insolvency procedure.
Silicon Valley Bank's UK branch is a standalone entity with its own balance sheet and governance structure,Silicon Valley Bank UK had 5.5 billion pounds of loans and 6.7 billion pounds of deposits as of March 10, 2023, per HSBC. It recorded a profit before tax of 88 million pounds in 2022.
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