Bloomberg Law
March 15, 2023, 9:30 AM

HSBC Now Figures Out What It Bought From Silicon Valley Bank (1)

Katherine Griffiths

When acquiring a bank over a weekend, certain details might slip. In the case of HSBC Holdings Plc snapping up Silicon Valley Bank’s UK arm that includes the specifics of what was bought.

Having finalized a deal to take on the stricken lender early on Monday for just £1, HSBC began the detailed work of looking through SVB UK’s books later that day, according to a person familiar with the matter.

The rush was such that HSBC’s management didn’t speak to SVB UK’s senior executives before the deal was signed, the person said, asking not to be identified discussing a ...