HSBC's Acquisition of SVB UK for 1 Pound Rescues Technology and Life Sciences Profile in Britain.

HSBC has acquired Silicon Valley Bank's UK subsidiary for just over $1 under a deal facilitated by the British government and the Bank of England. The acquisition will protect the UK's tech sector, which is particularly reliant on the bank for financing. The deal excludes all assets and liabilities of the parent company, SVB. HSBC's UK subsidiary will finance the acquisition, and customer deposits will be protected with no taxpayer support.