The world's commercial bank mogul HSBC will take a new acquisition to rescue the failed American branch of Silicon Valley Bank.

On March 13th HSBC announced that its subsidiary, HSBC UK Bank, would buy Silicon Valley Bank of England (SVB UK) for 1 yuan ($1.21).

As of March 10, 2023, SVB UK loans were about 550000 euros ($6.7 billion) and savings were about 670000 euros ($8.1 billion), HSBC said in a statement.

For the fiscal year ended December 31, 2022, SVB UK's profit before interest and tax was 88 million pounds ($107 million). SVB UK's total visible equity estimate is about 140000 euros ($1.7 billion).

HSBC wrote: "the final estimate of the profit generated by the acquisition will be given in due course," adding that the assets and liabilities of SVB UK's parent company are not included in the investment. The company added that the acquisition would be funded from internal resources and would be carried out immediately.

Noel Quinn, CEO of HSBC Group, said the acquisition had an "excellent strategic position" for HSBC's projects in the US, enhanced its commercial banking franchise and enhanced the ability of the company based on innovation and sustainable growth.

"We welcome SVB UK users to join HSBC and look forward to helping it develop steadily in the United States and around the world," Quinn said. "

"SVB US users can deposit into financial institutions as quickly as usual, and their savings have the strength, security and assurance of HSBC."

Previously, the foreign government ordered SVB to shut down the business process on March 10, which caused anxiety in the login password market, as some large login password companies such as Circle and Coinbase have more openness to the financial institution.

Because of the bankruptcy of SVB, Circle, the publisher of dollar coins (the second most stable currency by market capitalization), was unable to receive $3.3 billion from its $40 billion reserve. Coinbase has about $240 million in corporate funds to sign up for-but expects to get it back completely. Paxos is Pax Dollar and Binance desperate. Publishers of stable coins, such as stable coins, also have $250 million stranded in Signature, but point out that their private insurance will pay that amount.