HSBC, a British multinational banking and financial services organisation, completed the acquisition of Silicon Valley Bank UK, the UK arm of collapsed US Silicon Valley Bank, for £1. "This acquisition makes excellent strategic sense for our business in the UK. It strengthens our commercial banking franchise and enhances our ability to serve innovative and fast-growing firms, including in the technology and life-science sectors, in the UK and internationally," Noel Quinn, HSBC Group CEO.