HSBC snapped up Silicon Valley’s UK arm for a mere £1 following a frantic weekend of talks.
HSBC chief executive Noel Quinn said that the acquisition of Silicon Valley Bank’s UK business “makes excellent strategic sense”.
In a statement on Monday, Quinn said that the deal “strengthens our commercial banking franchise and enhances our ability to serve innovative and fast-growing firms, including in the technology and life-science sectors, in the UK and internationally”.
Bank of London said: “It is great news that a speedy solution has been found for Silicon Valley Bank UK Limited, and the thousands of businesses it supports across fintech, life sciences and new technologies. It means a vital community helping to foster innovation in our country continues to receive banking services without interruption.
“For many, this will be seen as a missed opportunity to support competition and innovation. It cannot be right that once again the heritage banks that have provided a poor service to UK entrepreneurs over many years benefit from their already dominant position. Britain needs better. For our part, we at The Bank of London stand ready to serve the entrepreneurial community of the UK.”
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