When HSBC acquired Silicon Valley Bank UK (SVB UK) for a nominal amount of £1 after US regulators shut down SVB’s parent company, Silicon Valley Bank, the acquisition enabled the banking major to expand its support for the technology sector and bolster its position in the innovation banking space. Further, reports were already in that HSBC was set to unveil a new name for SVBUK.
SVBUK is now Innovation Banking
Now, HSBC has officially unveiled the rebranded version of SVB as HSBC Innovation Banking today, aimed at businesses operating in cutting-edge sectors such as technology and life sciences, as well as their investors.
Leveraging the expertise of former SVBUK (now known as HSBC Innovation Bank Ltd) and newly assembled innovation teams in the US, Israel, and Hong Kong, HSBC aims to provide comprehensive support for high-growth startups seeking to expand internationally.
The initiative has garnered praise from UK Prime Minister Rishi Sunak, who recognises the UK’s position as a leading hub for technology and life sciences. Sunak believes that HSBC Innovation Banking will play a pivotal role in helping innovative businesses unlock their potential, create more job opportunities, and access new global markets, aligning with the government’s vision of strengthening the UK economy and establishing it as a science and tech superpower. The PM noted, “The UK is home to world-leading tech and life sciences sectors, and I am proud of the role the British government has played in securing their future and enabling them to thrive.
“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.”
Noel Quinn, Group Chief Executive of HSBC, emphasised the bank’s commitment to innovation companies and their founders, highlighting the combination of specialised capabilities, financial strength, and global reach. By integrating the innovation expertise and tailored financial services of SVB UK with HSBC’s extensive network, HSBC Innovation Banking aims to support clients at every stage of their international growth journey.
He 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”
HSBC Innovation Banking will cater to a wide range of businesses, from early-stage growth companies to late-stage public and private corporations. Clients will have access to HSBC’s global capabilities, including investment banking, private banking, and asset management services, enabling seamless connections and comprehensive financial solutions.
The launch of HSBC Innovation Banking coincides with London Tech Week, where HSBC’s senior leaders are engaging with innovation economy leaders and founders to underscore the significance of the technology and life sciences sectors to the global economy. With over 650 employees, HSBC Innovation Banking UK also extends its coverage to Denmark and Sweden. In the US, an innovation team of more than 40 professionals has been established across the Bay Area, Boston, and New York City, while recruitment efforts continue in Tel Aviv and Hong Kong.
The acquisition will further solidify HSBC’s commitment to supporting the technology sector and reinforces its position as a key player in the innovation banking landscape.
