London - SBC Holdings Plc, UK-based subsidiary of HSBC UK Bank plc is acquiring Silicon Valley Bank UK Limited (SVB UK) for a nominal fee of £1.

SVB UK is a UK-based subsidiary of Silicon Valley Bank (SVB), a US-based bank that specializes in providing financial services to technology and innovation-focused companies. The acquisition will not include the assets and liabilities of SVB UK's parent companies.

As of March 10, 2023, SVB UK had loans worth approximately £5.5 billion and deposits of around £6.7 billion. Furthermore, SVB UK generated a profit before tax of £88 million in the financial year that ended on December 31, 2022.

SVB UK's tangible equity, which represents the company's net assets after removing intangible assets like goodwill and patents, is expected to be around £1.4 billion. The final calculation of the gain arising from the acquisition will be provided at a later time.

The acquisition has been completed immediately, and HSBC will finance it using its existing resources. This move is expected to help HSBC UK Bank plc increase its presence in the UK's technology and innovation sectors, as SVB UK has a strong reputation for providing financial services to these sectors.