JAKARTA. The UK branch of Silicon Valley Bank (SVB) has been acquired by HSBC for just £1, or Rp.18,641, after going bankrupt.

Noel Quinn, Chief Executive of HSBC, said the acquisition was part of HSBC's business strategy. "This acquisition makes strategic sense for our UK business," Quin said, as quoted by The Washington Post.

For the record, the acquisition was facilitated by the British Government and the Bank of England. In its official statement, the British Government said that customer deposits at SVB England would still be protected, but without the support of the taxpayer.

"SVB UK customers will continue to be able to access their funds and services as usual starting today," the UK Government wrote in an official statement.

Under the acquisition agreement, HSBC UK will complete the acquisition process as soon as possible. However, the acquisition does not include all of the assets and liabilities of parent entity SVB UK, which is headquartered in California.

Prior to the acquisition, the British Government and the Bank of England had been looking for potential buyers to protect the UK's technology sector. (KR/LM)