HSBC also credited a"provisional gain" of $1.5bn on the acquisition, for £1, ofPlease use Chrome browser for a more accessible video playerbig inflow of depositsHSBC, which is expected to change the name of its new UK business in the coming months, said group profits were boosted too by the reversal of a $2bn provision it had taken against the planned sale of its French business.
HSBC rewarded shareholders with a new cycle of buybacks of up to $2bn and said a dividend of $0.10 per share would be paid.First Republic becomes latest US bank to fail Chief executive Noel Quinn told investors:"With the good momentum we have in our business, we expect to have substantial future distribution capacity for dividends and share buy-backs.
"We remain focused on continuing to improve our performance and maintaining tight cost discipline, but we also saw an opportunity to invest in SVB UK to accelerate our growth plans. "For 158 years, HSBC has banked the entrepreneurs who have created today's industrial base. With the SVB UK acquisition, we have access to more of the entrepreneurs in the technology and life sciences sectors who will create the businesses of tomorrow.