For £1, HSBC purchases Silicon Valley Bank UK.

 For the bank's UK division, the acquisition made "great strategic sense," according to HSBC Chief Executive Noel Quinn. The action was taken when US authorities took action to protect deposits and stop any further consequences from the parent company's abrupt collapse. According to HSBC, as of March 10, Silicon Valley Bank UK Ltd has deposits of about £6.7 billion and loans of about £5.5 billion.