HSBC today unveiled HSBC Innovation Banking, which includes the former Silicon Valley Bank UK (SVB UK), as well as newly formed innovation teams in the US, Israel and Hong Kong. This will deliver a globally-connected, specialised banking proposition to support a broad range of innovation businesses and their investors.

“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”

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, with financial strength and global reach. It will build on an extensive client base of 3,000 innovation businesses and funds in the UK, and help tech and life science businesses with their growth ambitions.

In March 2023, HSBC Holdings plc announced that its UK ring-fenced subsidiary, HSBC UK Bank plc, would acquire Silicon Valley Bank UK Limited (SVB UK) for £1.