After buying the collapsed Silicon Valley Bank (SVB) UK earlier this year, HSBC is turning the commercial bank into a new innovation banking centre in Hong Kong.
The newly launched HSBC Innovation Bank will leverage the expertise of SVB and apply it to assembled teams based in the US, Israel and Hong Kong to support clients’ global growth goals.
Furthermore, HSBC Innovation Banking aims to deliver a “globally connected and specialised proposition for venture-backed businesses and their investors”.
As part of the launch, the Bank has established two dedicated teams of specialist bankers to serve the distinctive needs of venture capital and private equity firms, as well as venture-backed businesses in cutting-edge sectors such as tech and life science across Hong Kong and mainland China.
Backed by its financial strength and global network, HSBC Innovation Banking will offer customers with customised financing solutions, banking services and business strategy support.
Frank Fang, General Manager, Head of Commercial Banking, Hong Kong and Macau, HSBC, said: “For generations, HSBC has been proud to support entrepreneurs who have played a pivotal role in shaping our present and future. We are excited to bring our sector expertise and extensive global network to Hong Kong’s vibrant innovation landscape.
“With the launch of HSBC Innovation Banking in Hong Kong, we reaffirm our commitment to supporting customers across the innovation economy with a holistic ecosystem approach.”
HSBC stepped in to purchase the UK arm of SVB after it failed to allow deposits, amongst other failures, and ultimately collapsed. The deal secured the deposits of SVB UK, with HSBC paying a mere £1 to secure the stability of deposits within the bank.