HSBC, the UK’s largest bank by assets, announced the purchase of the British division of the collapsed Silicon Valley Bank (SVB UK) for 1 pound sterling ($1.21).

HSBC said the deal helped protect more than 3,000 customer deposits worth £6.7bn ($8.1bn).

“This acquisition is of great strategic importance to our business in the UK. This will strengthen our commercial banking franchise and enhance our ability to serve innovative and high-growth firms in the UK and abroad,” said HSBC CEO Noel Quinn.

The bank said in a statement that all SVB UK services will continue to operate as usual and customers should not notice any changes.

The Bank of England also said that the money of all depositors in SVB UK is safe. The UK Treasury said in a statement that taxpayers’ money is not involved in the sale.

Recall that on Friday, March 10, the California Department of Financial Protection and Innovation (DFPI) ordered Silicon Valley Bank to cease operations, without disclosing the reasons for this decision. Shortly before this, the Silvergate cryptocurrency bank collapsed in the United States.

Previously, several British venture capital firms, including blockchain investors, came out to support the failed bank Silicon Valley. Accel, Index Ventures, Atomico and others say that SVB UK is a valued and trusted partner that plays an important role in supporting start-ups in the UK.