By Chris Dorrell
HSBC has hired over 40 bankers who used to work at Silicon Valley Bank (SVB) as it establishes a new banking division focused on the “innovation economy” in the US.
The new unit will sit in the bank’s commercial banking division and will focus on serving companies in technology and healthcare sectors. Many banks are attempting to attract these high-growth clients after SVB’s collapse.
HSBC has assembled a team of more than 40 bankers in the Bay Area, Boston and New York as part of this initiative, it said in a statement late yesterday.
David Sabow, who previously led technology and healthcare banking at SVB, will lead the team.
“HSBC’s focus on both clients and culture is truly unique for an institution of their size, and we are looking forward to creating something special as the market prepares for its next phase of growth,” Sabow said.
Other hires include Sunita Patel, formerly SVB’s chief business development officer and Katherine Andersen who was SVB’s head of US life science and healthcare.
Michael Roberts, CEO US and Americas at HSBC, said: “This offering allows us to connect the innovation ecosystem with the size, strength and international network of HSBC.”
“Early stage companies should have a partner that can support them at every phase of their growth and we think that HSBC is best placed to help do that,” he continued.
The hires come shortly after HSBC acquired SVB UK for £1 last month as the bank attempts to expand its footprint in high-growth industries such as life-sciences, technology and fintech.
HSBC is attempting to improve the performance of its non-Asian business divisions in the face of a campaign from influential shareholders to break the company up.
In 2021, it sold its US retail banking business to Citizens Bank, while last year it said it was weighing up options for its Canadian arm.
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