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The new owner of Silicon Valley Bank has sued HSBC and several former employees for more than $1bn, claiming the group “engineered a scheme to plunder” SVB of top bankers and confidential information.

First Citizens, which bought SVB after its dramatic failure, claims in the lawsuit that HSBC and a former senior SVB banker co-ordinated the scheme to strip the “core of [SVB’s] profitability engine”.

SVB’s March failure in the US also toppled its UK affiliate. Days later HSBC had agreed to buy the failed UK entity from the Bank of England for a nominal price of £1.

David Sabow, a senior executive at SVB in the US, joined HSBC “within days” of the UK deal, according to the lawsuit.

Read more about First Citizens’ suit against HSBC here.

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