Customers of SVB UK will be able to access their deposits and banking services as normal.

HSBC said that SVB UK had loans of around £5.5bn and deposits of around £6.7bn as of 10 March. For the financial year ending 31 December 2022, SVB UK recorded a profit before tax of £88m.

SVB UK's tangible equity is expected to be around £1.4bn. Final calculation of the gain arising from the acquisition will be provided in due course.

The transaction was facilitated by the Bank of England, in consultation with the Treasury, using powers granted by the Banking Act 2009. No taxpayer money is involved, and customer deposits have been protected.