HSBC and Asian peers tumble after Silicon Valley Bank meltdown

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

20230314 the London operations of Silicon Valley Bank

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

ECHO WONG, Nikkei staff writer

March 14, 2023 15:06 JST

Updated on March 14, 2023 18:12 JST

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.