SVB UK, the bank used by tech companies and startups has a balance sheet worth £8.8bn  was bought by Europe’s largest bank HSBC for £1 securing the deposits of more. Than 3, 000 customers worth £6.7bn. All USVB UK services will operate as normal and customers should not notice any changes according to a statement  from Noel Quinn, HSBC group Chief executive, “ The deal 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 Internatinally”.