HSBC Expands Innovation Reach with HSBC Innovation Banking and SVB UK Integration

HSBC Expands Innovation Reach with HSBC Innovation Banking and SVB UK Integration

(IN BRIEF) HSBC has launched HSBC Innovation Banking, a new initiative that includes Silicon Valley Bank UK (SVB UK) and innovation teams in the US, Israel, and Hong Kong. The launch took place during London Tech Week, where HSBC executives discussed the importance of the tech and life sciences sectors. HSBC Innovation Banking UK1 has over 650 employees in the UK and Nordics, with an innovation team of over 40 in the US and more than 20 bankers in Israel. In Hong Kong, around a dozen bankers will be added to support the existing new economy expertise. The initiative aims to provide specialized banking services to support innovation businesses and help them achieve their growth ambitions.

(PRESS RELEASE) LONDON, 12-Jun-2023 — /EuropaWire/ — HSBC Holdings plc (LON: HSBA), one of the largest banking and financial services institutions in the world, is proud to announce the launch of HSBC Innovation Banking, a groundbreaking initiative aimed at providing specialized banking services to innovation businesses worldwide. This strategic move includes the integration of the former Silicon Valley Bank UK (SVB UK) into HSBC’s comprehensive innovation ecosystem, as well as the establishment of new innovation teams in key locations such as the United States, Israel, and Hong Kong.

“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. “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 unveiling of HSBC Innovation Banking will take place during London Tech Week, an event celebrating the latest advancements in technology and life sciences. Noel Quinn, CEO of HSBC, will be joined by Ian Stuart, CEO of HSBC UK; Erin Platts, CEO of HSBC Innovation Banking UK1; and David Sabow, the leader of HSBC Innovation Banking in the US. Together, they will engage with prominent leaders and founders in the innovation economy, emphasizing the crucial role of the technology and life sciences sectors in driving global economic growth.

HSBC Innovation Banking UK1 already boasts a dedicated team of over 650 employees in the UK and Nordics, ensuring comprehensive coverage for clients in these regions. In the United States, a highly skilled innovation team of more than 40 professionals has been assembled across key locations including the Bay Area, Boston, and New York City. In Israel, HSBC has recently recruited over 20 talented bankers who will be based in Tel Aviv, further strengthening the bank’s presence in this thriving innovation hub. Additionally, HSBC is onboarding around a dozen dedicated bankers in Hong Kong to enhance its existing expertise in serving the new economy sector in Hong Kong and the Asia-Pacific region.

UK Prime Minister, Rishi Sunak, said: “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.”

Erin Platts, the CEO of HSBC Innovation Banking UK¹ 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.

“Our clients choose us because we understand exactly what it takes for innovators and their investors to achieve success, and we deliver it.”

This innovative banking proposition combines HSBC’s deep sector expertise and personalized client servicing with its financial strength and unparalleled global reach. Building upon an extensive client base of 3,000 innovation businesses and funds in the UK, HSBC Innovation Banking will play a pivotal role in supporting the growth ambitions of technology and life science enterprises.

HSBC remains committed to driving innovation and fostering the success of forward-thinking businesses. Through HSBC Innovation Banking, the bank aims to provide cutting-edge financial solutions, empowering innovation businesses and their investors to thrive in a rapidly evolving global economy.

Notes to Editors

¹ The deposit-holding legal entity for HSBC Innovation Banking in the UK is called HSBC Innovation Bank Limited. HSBC Innovation Bank Limited, formerly Silicon Valley Bank UK Limited, will operate as a subsidiary of HSBC UK Bank PLC and remain headquartered in its Alphabeta Office in London.

● The new brand will roll out globally in the coming months. To find out more, follow HSBC Innovation Banking on LinkedIn and Twitter.

● Innovation-focused HSBC teams in the US, Israel and Hong Kong will operate as part of the HSBC Innovation Banking brand.

● Silicon Valley Bank UK Limited has supported the UK’s multi-billion-pound innovation economy since its UK office opened in 2004, becoming the partner of choice for start-ups, scale-ups, corporates, venture capital and private equity firms.

● In August 2022, Silicon Valley Bank UK became an independent subsidiary and in March 2023, HSBC UK Bank PLC acquired Silicon Valley Bank UK Limited.

Media contact:

HSBC Press Office
+44 (0)20 7991 8096
pressoffice@hsbc.com

HSBC Innovation Bank Limited

HSBC Innovation Bank Limited provides commercial banking services, expertise and insights to the technology, life science and healthcare, private equity and venture capital industries. HSBC Innovation Bank Limited is a subsidiary of HSBC UK Bank PLC, benefiting from its stability, strong credit rating and international reach to help fuel its growth.

HSBC UK

HSBC UK serves over 14.75 million customers across the UK, supported by 24,000 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates. HSBC UK is a wholly owned subsidiary of HSBC Holdings plc.

HSBC Holdings plc

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories. With assets of $2,990bn at 31 March 2023, HSBC is one of the world’s largest banking and financial services organisations.

SOURCE: HSBC Group