Silicon Valley Bank UK will now be known as HSBC Innovation Banking.
This new offering combines both “the innovation expertise and bespoke financial services” of SVB UK, with newly assembled HSBC innovation teams in the US, Israel and Hong Kong, the London-based bank said.
Additionally, HSBC Innovation Banking will support a range of businesses, from early-stage growth ones to late-stage public and private corporates, it said.
The UK team has more than 650 employees, and also covers Denmark and Sweden, while the US team has over 40 employees. HSBC said it is recruiting in Tel Aviv and Hong Kong.
“The UK is home to world-leading tech and life sciences sectors. HSBC Innovation Banking will help innovative businesses to unlock their potential, create more jobs and access new global opportunities – supporting my priority to grow the UK economy and cement our position as a science and tech superpower,” said UK prime minister Rishi Sunak.
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 £1. 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 £6.7 billion. Its tangible equity was around £1.4 billion.
