Silicon Valley Bank's UK Arm Sold To HSBC For 1 Pound

"Silicon Valley Bank (UK) Ltd has today been sold to HSBC," said a treasury statement.

The UK arm of failed US lender Silicon Valley Bank has been sold to HSBC for a nominal £1 ($1.2) in a rescue deal, the government and HSBC announced Monday.

The deal, overseen by the Bank of England and the Treasury, comes after SVB collapsed Friday sparking panic in Britain over its customers in the technology and life science sectors.

"Silicon Valley Bank (UK) Ltd has today been sold to HSBC," said a Treasury statement after urgent talks over the weekend.

"This transaction has been facilitated by the Bank of England, in consultation with the Treasury, using powers granted by the Banking Act 2009."