Following its £1 acquisition of stricken Silicon Valley Bank (SVB) UK back in March, HSBC aims to scale its fintech capabilities globally, as well as attract tech and life sciences firms and their stakeholders.

The new HSBC Innovation Banking subsidiary is set to serve as a banking hub for start-ups, more established tech companies, and investors, with its 3,000 customer-strong presence in the UK being a starting point.

Around 650 members of staff currently operate under the SVB UK acquisition, with over 50 employees expected to be hired to create teams in the US, Hong Kong and Israel.

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Former SVB UK head Erin Platts will reportedly take on the role of CEO of the new division, with former SVB regional heads in the US and Israel — David Sabow and David Cohen, respectively — set to continue leading teams in those countries.

“Our new innovation teams will be there to support our clients’ international growth at every step,” said HSBC group chief executive, Noel Quinn.

Prime Minister Rishi Sunak commented: “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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