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Banking giant HSBC says its profits got a $1.5billion boost from the purchase of collapsed Silicon Valley Bank’s British business.

todayMay 2, 2023 99

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Banking giant HSBC says its profits got a $1.5billion boost from the purchase of collapsed Silicon Valley Bank’s British business.

Europe’s biggest bank posted a pre-tax profit of $12.9billion for the three months to the end of March.

That is more than three times the amount it made for the same time last year.

In March, HSBC bought SVB UK for a nominal £1 in a deal led by the government and the Bank of England.

Written by: EaglesFM

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