Clifford Chance has advised HSBC on the acquisition of Silicon Valley Bank UK Limited (SVB UK) for a consideration of £1. SVB UK’s tangible equity is expected to be around US$1.4 billion.
SVB UK was the UK bank subsidiary of Silicon Valley Bank, which was placed under the receivership of the Federal Deposit Insurance Corporation on 10 March 2023.
The transaction was implemented pursuant to a mandatory reduction and share transfer instrument issued by the Bank of England pursuant to its resolution powers under the Banking Act 2009.
The team was led by Corporate partner Richard Crosby along with Regulatory partner Caroline Dawson and Corporate partner Alanna Hunter, supported by a multi practice team in 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).
