HSBC will announce plans to rebrand Silicon Valley Bank UK, after it rescued the bank following the collapse of its US parent earlier this year, Sky News reported on Monday.
Silicon Valley Bank UK will be renamed HSBC Innovation Banking. IHSBC is expected to announce the rebranding during London Tech Week, which kicks off on June 12, Sky said.
No imminent changes to SVB UK’s executive leadership are planned, it added. Erin Platts will remain as chief executive, while Darren Pope is expected to remain as independent chair, at least for the time being, Sky said.
Back in early March, the Asia-focused lender said its ring-fenced UK subsidiary, HSBC UK Bank PLC had bought SVB UK for the nominal price of GBP1. The bank’s Californian parent had collapsed, with US regulators seizing assets, before the Bank of England ordered SVB UK into insolvency.
At the time of the acquisition, SVB UK had loans of around £5.5 billion, with deposits of around GBP6.7 billion. Its tangible equity was around GBP1.4 billion.
HSBC shares were down 0.1% at 609.50p in London on Tuesday morning.
By Holly Beveridge, Alliance News reporter
