HSBC Acquires Silicon Valley Bank UK for £1 to Safeguard Customers and Taxpayers – What’s Going On?

Global banking giant HSBC has acquired the UK subsidiary of now-collapsed lender Silicon Valley Bank for £1 ($1.21) after all-night talks between the government, regulators, and other prospective buyers.
The deal excludes the assets and liabilities of SVB UK’s parent company. 
As of March 10, the UK arm of SVB had loans of around £5.5 billion ($6.7 billion) and deposits of around £6.7 billion ($8.1 billion), HSBC said in an official announcement….
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