HSBC’s U.K. ring-fenced subsidiary, HSBC U.K. Bank, is set to acquire Silicon Valley Bank U.K. (SVB U.K.) for a nominal £1 ($1.21), according to a filing made on March 10.

The acquisition will see HSBC U.K. Bank strengthen its commercial banking franchise and further enhance its ability to serve innovative and fast-growing firms in the technology and life-science sectors in the U.K. and internationally, says Noel Quinn, HSBC Group CEO.

As of March 10, SVB U.K. had loans of approximately $6.6 billion and deposits of around $8.1 billion, the filing revealed. The sale of the troubled lender was facilitated by the U.K. government using “resolution” powers designed to wind-up failing lenders without destabilizing the financial system.

The finance minister, Jeremy Hunt, tweeted on Monday that deposits would be protected with no taxpayer support and that he had worked urgently to safeguard the country’s tech sector. Late Friday night, the Bank of England tweeted that SVB U.K. would be put into insolvency, but that the lender had a limited presence in the country.

To stop the largest bank failure since 2008 from undermining confidence in the financial system, U.S. regulators on Sunday confirmed that SVB depositors would be made whole and able to access funds as of Monday.

The acquisition of SVB U.K. is an important move for HSBC U.K. Bank, allowing it to expand its presence in the country and broaden its customer base.

As one of the largest banking and financial services organizations in the world, HSBC has a strong track record of providing innovative and sustainable banking solutions to businesses and individuals alike.

With the acquisition, HSBC U.K. Bank is poised to become a key player in the U.K. banking sector, offering a range of financial products and services to meet the needs of its diverse customer base.

The move also reflects the growing importance of the technology and life-science sectors in the U.K. and the need for financial institutions to adapt to the changing landscape of the global economy.