Following the collapse of Silicon Valley Bank, the UK subsidiary of the financial institution has been sold to HSBC in a rescued deal facilitated by the British government and the Bank of England.

Under the terms of the agreement, HSBC’s U.K. subsidiary will finance the acquisition of Silicon Valley Bank UK Limited, which is expected to be completed immediately. The deal excludes all assets and liabilities of the parent company, SVB.

The transaction was later confirmed by the UK government as Chancellor Jeremy Hunt stated that "customer deposits are protected and can bank as normal, with no taxpayer support."

The UK's tech sector is one of the world's largest with a dynamic startup and scaleup ecosystem "of huge importance to the British economy, supporting hundreds of thousands of jobs," according to Hunt.

The acquisition deal comes after the US government approved an intervention to protect SVB customers from losses, announcing Sunday night that depositors would have access to all their money on Monday morning.

Headquartered in London, HSBC is the largest bank in Europe and is one of the world’s largest banking and financial services institutions, serving 39 million customers globally.