HSBC unveils Innovation Banking brand

Launched as part of London Tech Week, central to the new brand will be Silicon Valley Bank UK – which was bought by HSBC for a £1 after Silicon Valley Bank collapsed in the US. As well as the UK, the new brand will have newly formed innovation teams in the US, Israel and Hong Kong.

HSBC group chief executive Noel Quinn said: “The UK’s world-leading technology and life sciences sectors are central to growing the UK economy and boosting global exports. 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.” 

UK prime minister Rishi Sunak – who unveiled the new business as part of his speech at London Tech Week – added: “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.” 

At present, HSBC Innovation Banking has more than 650 employees in the UK and Nordics, while a team of more than 40 has been assembled across the Bay Area, Boston and New York City. Additionally, more than 20 newly recurited bankers will be based in Tel Aviv while there will be around a dozen people onboarded in Hong Kong to complement HSBC’s existing new economy expertise in the region.