HSBC Buys SVB Bank UK for £1

HSBC has acquired Silicon Valley Bank UK, opting for a larger player in the financial tech landscape. The acquisition is funded from HSBC's existing resources. The UK Government has assured that customer deposits will be protected, similar to measures in the US, and no taxpayer money is involved. This move highlights the competitive nature of the banking sector, with other players also considering offers.

Which bank acquired Silicon Valley Bank UK?

• Barclays

• HSBC

• NatWest

• Lloyds

How is the acquisition of SVB UK by HSBC funded?

• With taxpayer money

• Through a government loan

• From existing resources

• By issuing new shares

What assurance did the UK government provide regarding customer deposits?

• Deposits will be insured by a private company

• Deposits will be converted to shares

• Deposits will be fully protected

• Deposits will be partially protected

What did both the UK and US governments emphasize about the acquisition?

• It will be funded by international loans

• No taxpayer money is involved

• It is a temporary measure

• It involves taxpayer money

What can SVBUK customers do after the acquisition?

• Access their deposits and conduct banking as normal

• Only withdraw a limited amount

• Transfer their accounts to another bank

• Close their accounts without penalty