HSBC acquires SVB UK unit for £1
HSBC buys up what is now the corpse of SVB UK. What are your initial thoughts? Is it a good move by HSBC?
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lolllll dying
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HSBC is probably going to make a killing off this deal, courtesy of the UK government and the BOE.
Doubt SVB, especially its standalone UK entity, actually is insolvent. Probably just a short term liquidity issue, which HSBC would be more than capable of dealing with, especially considering the relative size of SVB vs. HSBC. Reminiscent almost of what happened with Hang Seng in Hong Kong, which paid off handsomely for HSBC.
Hope this doesn't age like milk and it turns out HSBC also put 90% of its assets into long-dated treasuries.
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