HSBC Rebrands, Expands Its SVB UK Buy as HSBC Innovation Banking

Acquired by HSBC in an emergency sale for just £1 in March as SVB was melting down, SVB UK is now getting a rebrand and expansion under its new owner. Today the banking giant launched HSBC Innovation Banking, a new unit focusing on banking services to the startup, investor, and wider tech community.

The new division — technically a subsidiary of HSBC UK — will be bigger than just the SVB UK assets: HSBC has added teams in the U.S., Israel and Hong Kong to the operation, with more than 700 people employed in the operation. For now, it sounds like the clientele is mostly U.K. — some 3,000 customers in all out of its home country, HSBC said.

Erin Platts, who had been the head of SVB UK, appears to be leading the new Innovation Banking business with the title "CEO of HSBC Innovation Banking UK".

"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 of HSBC, in a statement. "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."

The operation will cover technology as well as adjacent areas, such as startup businesses and financiers in areas like life sciences.

"The UK is home to world-leading tech and life sciences sectors," said UK Prime Minister, Rishi Sunak, in a statement. "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."

(Source: TechCrunch)