Clifford Chance advised HSBC in acquisition of Silicon Valley Bank UK Limited
Clifford Chance advised HSBC in acquisition of Silicon Valley Bank UK Limited
HSBC has received advice from Clifford Chance regarding its acquisition of Silicon Valley Bank UK Limited (SVB UK) for a nominal amount of £1. The tangible equity of SVB UK is anticipated to be roughly US$1.4 billion.
On March 10, 2023, Silicon Valley Bank's UK-based banking subsidiary, SVB UK, was placed in the receivership of the Federal Deposit Insurance Corporation.
The Bank of England utilised its resolution powers under the Banking Act 2009 to issue a mandatory reduction and share transfer instrument, enabling the implementation of the transaction.
Clifford Chance Corporate team was spearheaded by partner Richard Crosby, in collaboration with Regulatory partner Caroline Dawson and Corporate partner Alanna Hunter.
The team received support from various practices, including Corporate (James Cashier, Ayush Vijayvargiya), Tech Group (Simon Persoff, Sally Murphy), Restructuring and Insolvency (Philip Hertz, Chris Norman), Antitrust (Sue Hinchliffe), Employment (Alistair Woodland), Pensions (Hywel Robinson), and Incentives (Sonia Gilbert).
