London Tech Week is the chosen location for the unveiling of HSBC Innovation Banking – born for the ashes of Silicon Valley Bank UK (SVB UK), which HSBC purchased for £1 in March 2023, and it includes newly formed innovation teams in the US, Israel and Hong Kong.
“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,” says Erin Platts, the CEO of HSBC Innovation Banking UK1. “Our clients choose us because we understand exactly what it takes for innovators and their investors to achieve success, and we deliver it.”
HSBC Innovation Banking UK1 employees over 650 throughout the UK and Nordics – serving 3,000 innovation businesses and funds in the UK. It also has over 40 people spread over both coasts of the US, 20 bankers in Tel Aviv and it has plans to onboard a dozen or so in Hong Kong to serve Hong Kong and Asia-Pacific.
“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,” says UK Prime Minister, Rishi Sunak.
“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.”
The new brand will roll out globally in the coming months.