The deal follows last weeks collapse of the subsidiarys California-based parent company.
The BoE had initially planned to put the bank into insolvency.
That wouldhave only guaranteed protection for deposits worth up to 85,000 for individuals and 170,000 for joint accounts.
The deal with HSBC supersedes the insolvency plan.
Customer deposits can now receive protection without requiring taxpayer support.
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After the deal was announced, SVB UK said it was resuming normal operations.
said techUK CEO Julian David.
TheBank of London, which had also submitted a rescue bid, described the sale as a missed opportunity.
Story byThomas Macaulay
Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he e(show all)Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he enjoys playing chess (badly) and the guitar (even worse).
