Mizoram News Voice

HSBC claims that the acquisition of SVB's UK division increased profitability by $1.5 billion

Banking behemoth HSBC claimed that the acquisition of Silicon Valley Bank's (SVB) British division (SVB UK), which had failed, had increased its earnings by $1.5 billion.
According to the BBC, the largest bank in Europe recorded a pre-tax profit of $12.9 billion for the three months ending in March.
The revenue during the same period last year was more than triple that now.
In a transaction facilitated by the government and the Bank of England, HSBC acquired SVB UK in March for a minimal 1 pound ($1.25).
The lender with its London headquarters claimed that a “provisional gain of $1.5 billion on the acquisition of Silicon Valley Bank UK Limited” was included in the result.
Group CEO Noel Quinn stated, “We remain focused on improving our performance and maintaining strict cost control, but we also recognised an opportunity to invest in SVB UK to accelerate our expansion objectives.
The decision to abandon its original intention to write down $2.1 billion related to the sale of its French division, which may no longer be finalised, also helped the bank.
In 2019 HSBC stated it will repurchase $2 billion worth of its shares in addition to making its first quarterly dividend payment to shareholders since before the pandemic.
Additionally, it stated that the sale of its Canadian operations would probably take longer to complete.
According to the BBC, the planned $10 billion transaction, which was once anticipated to be finished by the end of this year, is now more likely to occur early next year.

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