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HSBC acquires U.K. arm of defunct Silicon Valley Bank

Operations sold for 1 pound in transaction that closed 'immediately' on Monday

HSBC announced on March 13 it had acquired the U.K. operations of Silicon Valley Bank, the lender shuttered by U.S. regulators. (Photo by Kenji Kawase)

HONG KONG -- HSBC Holdings announced on Monday it has acquired the British operations of collapsed Silicon Valley Bank.

HSBC UK Bank agreed to purchase Silicon Valley Bank UK for 1 pound ($1.21). The transaction was completed "immediately," according to the London-based bank.

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