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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.    © Reuters

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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