HSBC has acquired Silicon Valley Bank UK (SVB) for £1 in a deal which involved the UK government.

The deal has completed immediately, having been facilitated by the Bank of England, in consultation with the Treasury, using powers granted by the Banking Act 2009.

The collapse of SVB UK's US-listed parent company, which has now been taken into government control, represents one of the biggest global banking collapses since the financial crisis of 2008.

This collapse w...