HSBC rebrands SVB UK as global entity HSBC Innovation Banking

Ellie Duncan
12 Jun 2023

UK banking group HSBC has rebranded Silicon Valley Bank (SVB) UK as a new standalone entity, HSBC Innovation Banking, which includes newly-formed innovation teams in the US, Hong Kong and Israel.

HSBC Innovation Banking, unveiled by HSBC at London Tech Week, is being positioned as a global specialised banking proposition.

Erin Platts has been appointed chief executive officer of HSBC Innovation Banking UK, which has more than 650 employees in the UK and Nordics.

HSBC acquired the UK subsidiary of SVB in March this year for £1 in a transaction facilitated by the UK Government and Bank of England, following the collapse of SVB in the US.

David Sabow leads HSBC Innovation Banking in the US, where an “innovation team” of more than 40 has been assembled across the Bay Area, Boston and New York City.

In Israel, more than 20 newly-recruited bankers will be based in Tel Aviv, while in Hong Kong, around a dozen bankers are being onboarded to complement HSBC’s existing “new economy expertise”, serving Hong Kong and Asia-Pacific.

Platts said: “HSBC Innovation Banking will unlock new possibilities for UK innovation businesses to boost their growth and compete on the global stage.

“From first-time founders to the funds that back them, the innovation economy relies on us for deep expertise and the connections they need to build world-leading companies.”

“The UK’s world-leading technology and life sciences sectors are central to growing the UK economy and boosting global exports,” said Noel Quinn, group chief executive officer of HSBC.

“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.”

Quinn added: “Our new innovation teams will be there to support our clients’ international growth at every step.”