Remember in March when HSBC bought SVB (UK) as the tech-focused US parent bank’s depositors fled after a failed capital raise to plug the black hole where its US Treasury bond portfolio used to be?
It could turn out to be the best £1 HSBC has ever spent.
“Thank goodness we won’t be hearing about them again,” a senior source at one large UK bank told Euromoney at the time. “I was getting sick of being told how great SVB (UK) was at venture debt.”
This bank has a history of entrepreneurism. It took a day and half to make the decision on SVB (UK)
She won’t be hearing that name anymore. Unfortunately, there’s every chance that the unflattering comparisons will persist and may get much worse.
Originally plugged into the acquirer’s ring-fenced UK lender, HSBC UK Bank, SVB (UK) now lives on as part of a new organization, HSBC Innovation Banking, which its owner describes as a globally connected, specialized banking proposition to support a broad range of innovation businesses and their investors.
HSBC
