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City AM
City AM
By Darren Parkin HSBC has announced it has acquired Silicon Valley Bank Limited UK for a pound, following a weekend of round-the-clock negotiations. It comes after two crypto-friendly banks – Silvergate and Signature – fell into demise. SVB is also heavily connected to the sector, sporting a wealth of crypto start-ups and VCs among its customer base. In a statement released this morning, HSBC told the City that the nominal one pound transaction for the UK operation “completes” immediately, and the entire acquisition will continue to be funded through existing resources. HSBC stated: “As at Mar…