HSBC acquires Silicon Valley Bank UK for 1 pound

HSBC Holdings acquires Silicon Valley Bank UK for £1, and where Government of England and BOE facilitated the deal.BOE said that customer deposits will be protected, and no taxpayer money is involved in the deal. The apex bank added that there are no longer plans to put SVB UK into insolvency procedures. UK business has $5.5bn in assets and $6.7bn of deposits, and in total, they account for 3-4% of the parent bank SVB. HSBC received the tech loan book in the UK from this deal. Going ahead other Countries also exploring acquiring regional banks of SVB. Sharad Dubey is here to give more details.(ET NOW )