Silicon Valley Bank’s U.Ok. enterprise has been offered to HSBC for £1, the British government and bank introduced on Monday morning.

Why it issues: Regardless of its identify, the financial institution finest identified for serving startups as its prospects is a world enterprise, with outposts exterior of the U.S. in Europe, Canada, Israel and a Chinese language three way partnership.

Particulars: The subsidiary’s depositors shall be protected, and so they’ll have the ability to entry their accounts usually, starting Monday.

• No taxpayer funds had been used for the transaction.
• “On the level of failure, SVBUK had a complete stability sheet dimension of roughly £8.8bn [$10.7 billion], and a deposit base of roughly £6.7bn,” in accordance with the Financial institution of England.
• It additionally had round £5.5 billion ($6.3 billion) in loans, and its tangible fairness is predicted to be round £1.4 billion ($1.7 billion), per HSBC.

Of word: The two-year-old Financial institution of London had additionally submitted a bid to accumulate the enterprise, according to Sky News. Oaknorth Financial institution and ADQ, an Abu Dhabi state-backed funding automobile, had been reportedly additionally .

Thought bubble: The acquisition of items of Silicon Valley Financial institution and its guardian firm may make the American financial institution extra enticing to consumers by making it smaller and cheaper.

What we’re watching: Although the U.S. authorities announced it would backstop depositors within the U.S. enterprise, no buyer had been announced as of early Monday.

Editor’s word: This text has been up to date with further particulars all through.