HSBC today unveiled HSBC Innovation Banking, which includes the former Silicon Valley Bank UK (SVB UK), as well as newly formed innovation teams in the US, Israel and Hong Kong. This will deliver a globally-connected, specialised banking proposition to support a broad range of innovation businesses and their investors.
The launch will take place at London Tech Week, where Noel Quinn, along with Ian Stuart, CEO HSBC UK; Erin Platts, CEO of HSBC Innovation Banking UK, and David Sabow, who leads HSBC Innovation Banking in the US, will today meet with innovation economy leaders and founders to talk about the importance of the tech and life sciences sector to the global economy.
The proposition combines deep sector expertise and bespoke client servicing, with financial strength and global reach. It will build on an extensive client base of 3,000 innovation businesses and funds in the UK, and help tech and life science businesses with their growth ambitions.
“The UK’s world-leading technology and life sciences sectors are central to growing the UK economy and boosting global exports,” says Noel Quinn, Group Chief Executive of HSBC. “HSBC now has a world-class team focused on innovation companies, their founders and their investors. We will protect this specialism and take it to the next level by combining these capabilities with our financial strength and global reach. Our new innovation teams will be there to support our clients’ international growth at every step”
The deposit-holding legal entity for HSBC Innovation Banking in the UK is called HSBC Innovation Bank Limited. HSBC Innovation Bank Limited, formerly Silicon Valley Bank UK Limited, will operate separately as a subsidiary and remain headquartered in its Alphabeta Office in London. Innovation-focused HSBC teams in the US, Israel and Hong Kong will operate as part of the HSBC Innovation Banking brand.
HSBC Innovation Banking UK has over 650 employees in the UK and Nordics. In the US, an innovation team of more than 40 has been assembled across the Bay Area, Boston and New York City. In Israel, more than 20 newly recruited bankers will be based in Tel Aviv. In Hong Kong, around a dozen dedicated bankers are being onboarded to complement HSBC’s existing new economy expertise serving Hong Kong and Asia-Pacific.
Erin Platts, the CEO of HSBC Innovation Banking UK says: “HSBC Innovation Banking will unlock new possibilities for UK innovation businesses to boost their growth and compete on the global stage. From first-time founders to the funds that back them, the innovation economy relies on us for deep expertise and the connections they need to build world-leading companies. Our clients choose us because we understand exactly what it takes for innovators and their investors to achieve success, and we deliver it.”
HSBC bought Silicon Valley Bank UK back in March in a rescue deal streamlined by the Bank of England and dthe UK government.
