Financial giant, HSBC is launching a new entity called HSBC Innovation banking from the ashes of Silicon Valley Bank UK which it acquired in March 2023.
At the time of the acquisition for £1, Silicon Valley Bank UK Limited (SVB UK) had loans of around £5.5bn and deposits of around £6.7bn. For the financial year ending 31 December 2022, SVB UK recorded a profit before tax of £88m.
HSBC says that HSBC Innovation Banking is its new global, specialised banking proposition for businesses in cutting-edge sectors, such as tech and life sciences, and their investors.
The launch of HSBC Innovation Banking is taking place today at London Tech Week, where the senior leaders of the bank are meeting innovation economy leaders and founders to emphasise the importance of the tech and life sciences sectors to the global economy.
UK Prime Minister Rishi Sunak said: “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.”
HSBC Group Chief Executive Noel Quinn added: “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.”
HSBC Innovation Banking combines the innovation expertise and bespoke financial services of SVB UK, which is now known as HSBC Innovation Bank Ltd, with newly assembled HSBC innovation teams in the US, Israel and Hong Kong to support clients’ global growth goals.
It will support a range of businesses from early-stage growth ones to late-stage public and private corporates, and connect them with HSBC’s global capabilities, including investment banking, private banking and asset management services.
HSBC Innovation Banking UK has more than 650 employees, including teams that cover Denmark and Sweden.
