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HSBC confirms SVB UK rebrand to Innovation Banking

HSBC Innovation Banking
Image credit: Shutterstock

HSBC has confirmed it has rebranded Silicon Valley Bank UK (SVB UK) to Innovation Banking at London Tech Week today.

SVB UK will merge with freshly established innovation teams located 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,” said Erin Platts, CEO of HSBC Innovation Banking UK.

“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.”

It follows reports from last month, that the bank was planning to rename its acquisition at the event.

The UK arm was bought by HSBC for £1 in March after a run on the California-based Silicon Valley Bank caused it to collapse, sending shockwaves across the Atlantic to its UK subsidiary, used by thousands of the country’s startups.

Prime Minister Rishi Sunak said: “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 UKTN team will be reporting from London Tech Week throughout the event. Subscribe to the daily newsletter to stay up to date.