In March 2023, Silicon Valley Bank, one of the largest banks focused on working with startups, went bankrupt. At the same time, the British HSBC agreed to buy a subsidiary of SVB in the United Kingdom. According to new information, the bank will be renamed HSBC Innovation Banking, keeping staff and positioning.
Silicon Valley Bank’s collapse in March 2023 was the biggest bank failure in the US since the 2008 crisis. HSBC then bought the UK arm of the bank for just £1 (105 rubles at time of writing). ). A few months later, HSBC announced plans to rebrand SVB UK as part of London Tech Week.
The new name of the bank will be HSBC Innovation Banking. At the same time, it is expected that after the rebrand, SVB employees from the US, Israel and Hong Kong will continue to work in the organization. Erin Platts, who held a similar role at SVB UK, will remain a director of HSBC Innovation Banking. In total, the bank will have about 700 employees.
According to TechCrunch, the new business will serve startups, investors, and technology companies around the world. Currently, SVB’s UK subsidiary has around 3,000 customers, most of whom are in the UK.
Author:
Grigory Shcheglov
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
