HSBC Adds Silicon Valley Bank UK Arm To Its New Innovation Division

HSBC Holdings PLC HSBC has launched a new HSBC Innovation Banking unit at the London Tech Week. 

The new banking unit includes the formerly acquired Silicon Valley Bank UK arm and newly formed innovation teams in the U.S., Israel, and Hong Kong.

Related: Silicon Valley Bank's UK Arm Bought By HSBC For About $1

HSBC Innovation unit is expected to offer a globally-connected, specialized banking proposition driving a broad range of innovative businesses and their investors.

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HSBC Innovation Banking UK has over 650 employees in the U.K. and Nordics. 

The bank has also assembled over 40 employees in the U.S. and more than 20 newly recruited bankers in Israel. 

"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,” said Noel Quinn, CEO. 

Also Read: CFTC Slams HSBC With $75M Penalty For Unethical Practices, Claims Involvement Of Senior Leadership

Price Action: HSBC shares are trading lower by 1.30% at $37.95 on the last check Monday.