Silicon Valley Bank: HSBC says UK buyout boosted profit by $1.5bn

Banking elephantine HSBC says its profits got a $1.5bn (£1.2bn) boost from the acquisition of collapsed Silicon Valley Bank's British concern (SVB UK).

Europe's biggest slope posted a pre-tax nett of $12.9bn for the 3 months to the extremity of March.

That is much than 3 times the magnitude it made for the aforesaid clip past year.

In March, HSBC bought SVB UK for a nominal £1 ($1.25), successful a woody led by the authorities and the Bank of England.

The London-headquartered lender said the nett included a "provisional summation of $1.5bn connected the acquisition of Silicon Valley Bank UK Limited".

"We stay focused connected continuing to amended our show and maintaining choky outgo discipline, but we besides saw an accidental to put successful SVB UK to accelerate our maturation plans," radical main enforcement Noel Quinn said.

The slope besides got a boost from the reversal of its program to write-off $2.1bn owed to the merchantability of its French business, arsenic that woody whitethorn nary longer beryllium completed.

HSBC announced its archetypal quarterly payout to shareholders since 2019 and said it would bargain backmost $2bn of its shares.