Jakarta –
Europe’s largest bank HSBC will buy branches Silicon Valley Bank (SVB) in England. This was done to secure customer deposits following the bankruptcy of its parent company in the United States (US).
Reported from CNN Business, Tuesday (14/3/2023), HSBC announced a purchase agreement worth 1 pound sterling or the equivalent of IDR 18,667. The buying process for this Silicon Valley Bank branch will be completed in the near future.
“The acquisition should end the nightmare that thousands of tech companies have had over the past few days,” said Susannah Streeter, Head of Finance and Markets at investment platform Hargreaves Lansdown.
In a statement, HSBC CEO Noel Quinn said the acquisition meant customers of UK’s Silicon Valley Bank could continue banking as usual.
“This acquisition makes strategic sense for our UK business,” he said.
“This strengthens our commercial banking franchise and enhances our ability to service innovative and fast-growing companies, including in the technology and life sciences sectors both in the UK and internationally.”
(aid/hns)
