HSBC has relaunched Silicon Valley Bank UK under a new name at London Tech Week.

The proposition, HSBC Innovation Banking, will be expanded with innovation teams in the United States, Hong Kong and Israel.

HSBC acquired stricken SVB UK for just £1 in March.

“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.”

Quinn, along with Ian Stuart, CEO HSBC UK, Erin Platts, CEO of HSBC Innovation Banking UK, and David Sabow, who leads HSBC Innovation Banking in the US, met with innovation economy leaders and founders yesterday at London Tech Week.

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.”

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HSBC Innovation Banking UK has over 650 employees in the UK and Nordics. In the US, 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. In Hong Kong, around a dozen dedicated bankers are being onboarded to complement HSBC’s existing new economy expertise serving Hong Kong and Asia-Pacific.

The proposition combines deep sector expertise and bespoke client servicing, the firm says, and build on a client base of 3,000 innovation businesses and funds in the UK.

Platts added: “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.”

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