Silicon Valley Bank: SVB UK is now HSBC Innovation Banking

12 Jun 2023

Image: HSBC

Dozens of new employees are being onboarded across the US, Israel and Hong Kong as SVB UK gets the HSBC tag.

Silicon Valley Bank UK, which was acquired by HSBC for just £1 after its California-based parent collapsed, has now been rebranded to HSBC Innovation Banking.

Unveiled today (12 June) at London Tech Week, HSBC Innovation Banking includes the former SVB UK as well as newly-formed innovation teams based across the US, Israel and Hong Kong.

Noel Quinn, group chief executive of HSBC, said that the new “world-class” team will focus on innovation companies, their founders and their investors.

“The UK’s world-leading technology and life sciences sectors are central to growing the UK economy and boosting global exports,” said Quinn.

“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.”

SVB UK was sold to HSBC in March through a private deal facilitated by the UK government and Bank of England, in consultation with the UK Treasury. No taxpayer money was involved in the transaction and the move was conducted to protect deposits and prevent a banking collapse.

SVB, which went into freefall before collapsing in March, had invested hundreds of millions into Irish companies since it first established a presence here in 2012, with plans to invest more into technology and life sciences businesses here in the coming years.

Later that month, the bank was acquired by First Citizens Bank.

UK prime minister Rishi Sunak said he hopes HSBC Innovation Banking will help businesses create more jobs and opportunities in the UK market as the country aims to be “a science and tech superpower”.

The new HSBC Innovation Banking UK has more than 650 employees across the UK and Nordics. Meanwhile, an innovation team of more than 40 employees has been assembled across the US, while dozens more will based in Tel Aviv and Hong Kong.

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Vish Gain is a journalist with Silicon Republic