HSBC, the largest bank in Europe, on March 13 said it had bought the United Kingdom (UK) operations of the failed U.S. lender Silicon Valley Bank (SVB) for a single symbolic pound ($1.21). The move is expected to save many British startups from huge losses.

"This acquisition makes excellent strategic sense for our business in the UK," HSBC Group Chief Executive Officer Noel Quinn said in a statement, adding that SVB UK customers "can continue to bank as usual, safe in the knowledge that their deposits are backed by the strength, safety and security of HSBC."