Banking giant HSBC has launched a new global division, called Innovation Banking, housing the former UK arm of Silicon Valley Bank as part of a push into technology and life sciences.
The FTSE 100 lender unveiled the plans at the start of London Tech Week, with the new division centred on SVB UK – which it rescued earlier this year – and newly created innovation teams in the US, Israel and Hong Kong.
HSBC said the arm will offer a “globally-connected, specialised banking proposition to support a broad range of innovation businesses and their investors”.
