Hong Kong/London(CNN) HSBC has snapped up the UK arm of Silicon Valley Bank for £1 ($1.2), just days after its US business collapsed in spectacular fashion.
SVB UK was placed into insolvency by the Bank of England on Friday following the failure of its parent company.
In a statement, the Bank of England said it “can confirm that all SVB UK depositors are safe and secure as a result of this transaction.”
Europe’s largest bank announced the acquisition early Monday morning, saying the deal would be effective “immediately.”
In a statement, HSBC CEO Noel Quinn said the deal meant “SVB UK customers can continue to bank as usual, secure in the knowledge that their deposits are backed by strength, safety and HSBC security.”
— This is a developing story and will be updated.
