ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

HSBC and Asian peers tumble after Silicon Valley Bank meltdown

Critics slam London-based lender's purchase of SVB's UK operations

HSBC said it purchased the U.K. operations of collapsed American lender Silicon Valley Bank for a little over one dollar.    © Reuters

TOKYO -- Shares in HSBC Holdings took a hit following its acquisition of the U.K. operations of Silicon Valley Bank, while lenders elsewhere in Asia also tumbled following the meltdown of the U.S. lender over the weekend.

HSBC's Hong Kong shares fell more than 6% at one point in Tuesday morning trading and closed 4.71% lower for the day, following a 0.18% drop on Monday, the day the bank announced it had agreed to purchase Silicon Valley Bank UK for 1 pound ($1.21). HSBC's U.K.-listed shares closed down 4.1% on Monday.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more