HSBC is buying SVB's UK business for just over $1

Hong Kong/London CNN  — 

HSBC has scooped up the UK arm of Silicon Valley Bank for £1 ($1.2), just days after its business in the United States collapsed in stunning fashion.

SVB UK had been placed into insolvency by the Bank of England on Friday after the failure of its parent firm.

In a statement, the Bank of England said it “can confirm that all depositors’ money with SVB UK is safe and secure as a result of this transaction.”

Europe’s biggest bank announced the acquisition early Monday morning, saying the deal would be effective “immediately.”

In a statement, HSBC CEO Noel Quinn said the deal means 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.”

— This is a developing story and will be updated.