HSBC channels former SVB UK into launch of Innovation Banking unit

In a statement today (12 June), the bank said it is combining the “expertise” of the former Silicon Valley Bank UK with its own “international strength to enable businesses focused on innovation to compete globally”.

HSBC Innovation Banking is the bank’s new global, specialised banking proposition for businesses in sectors such as tech and life sciences, and their investors. 

The unit will support a range of businesses, from early-stage growth to late-stage public and private corporates, with its capabilities including investment banking, private banking and asset management services.

“Sometimes, high-growth start-ups need a helping hand to capture global opportunities and our new proposition will enable them to navigate the challenges of growing across borders,” the bank said. 

The bank said it had established HSBC innovation teams in the US, Israel and Hong Kong. In total, the unit has more than 650 employees, including teams that cover Denmark and Sweden.

The US team, based in the Bay Area, Boston and New York, is a team of more than 40, which is set to grow with the recruitment of new bankers in Tel Aviv and Hong Kong. 

On 13 March, the UK Government struck a last-minute deal for HSBC to buy Silicon Valley Bank’s UK operations, saving British startups from potential losses as a result of the US bank’s collapse. 

Commenting on the launch, HSBC CEO Noel Quinn said: “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.”

In a statement, Prime Minister Rishi Sunak said HSBC Innovation Banking will help innovative businesses to “unlock their potential”, create more jobs and access new global opportunities. 

“[This supports] my priority to grow the UK economy and cement our position as a science and tech superpower,” he added.