HSBC relaunches SVB UK as 'innovation' division / Photo: Justin TALLIS - AFP/File
-
Lula, Bolsonaro to clash once more before Brazil vote
-
How are Ukraine strikes, Mideast war driving US fuel prices?
-
Dressed to kill: Haircuts cap menacing look of Japan's yakuza
-
Colombia's Indigenous Guard up in arms over new president's agenda
-
Napa Valley's wineries feel Trump's tariff squeeze
-
From tech giants to anonymous nonprofits, the biggest donors in US midterms
-
Venezuela protests demand return of Nobel winning leader Machado
-
Israel's far-right Ben Gvir seeks new ground in election
-
Marquez tops incident-packed opening practice for Australian MotoGP
-
Trump slams NBA's LeBron James for national anthem actions
-
New York votes to ban Central Park horse carriages after decades of debate
-
Australia sanctions North Koreans over 'fraudulent' IT work, cybercrime
-
Australia face selection headaches after 'shambolic' South Africa defeat
-
UK singer-songwriter Raye wins Mercury Prize for second album
-
Around 150,000 rally in Belgrade as Serbia heads to pivotal poll
-
Antonelli needs ‘perfect weekend’ to realise title dream
-
Hamilton sets sights on racing in African grand prix
-
Reclaiming the walls in a former Salvadoran gang hotspot
-
Bournemouth hammer 10-man Milan, Juventus denied at the death
-
Musk wants to merge SpaceX and Tesla: Here's what to know
-
Judge orders Trump to give deposition in BBC lawsuit by Dec 11
-
Musk's wants to merge SpaceX and Tesla: Here's what to know
-
'Fake' pollsters hit US midterms
-
Hashimoto sweeps to gymnastics world all-around title
-
Global markets retreat as tech mood sours, oil prices jump
-
Super Bowl MVP Walker returns to Seattle with unbeaten Chiefs
-
Juventus denied at the death, Sunderland make point in Poland in Europa League
-
Red Bull advisor Marko slams Horner memoir as 'collection of untruths'
-
Tens of thousands rally as Serbia heads to pivotal poll
-
France reports first human Shamonda virus case, says no health risk
-
Monet's 'Iris' fetches 50 mn euros at Paris auction
-
Rekindled Gucci desirability fails to light flame under Kering sales
-
L'Oreal sees double-digit sales growth
-
Thousands rally as Serbia heads to pivotal poll
-
Sri Lanka stun England with huge chase after Brook's 202
-
Marathon star Aga banned six years for doping and misleading investigation
-
Guatemala sentences former police officers in gay couple's killings
-
USA to host women's football Club World Cup in 2028 - FIFA
-
Nelson's erotic dream letter features in London auction
-
Finland grants licence for world's first nuclear waste repository
-
Canada opens free trade talks with Turkey
-
'Old-fashioned' South Africa thump Australia to level Test series
-
Swiss, Austrian women freed after Niger kidnap ordeal
-
No more taking out the trash at your Airbnb
-
Austrian-born French resistance fighter dies aged 105: regional official
-
Swiss supreme court upholds Guatemala ex-police chief sentence
-
Paris shop-owners and residents prepare for fresh protests
-
UN climate disaster fund moves to provide $20 mn aid for Nepal
-
French, Japanese authors try to write novel on one-day train ride
-
Africa faces 'complex' Ebola outbreak after spread to Nigeria: WHO
HSBC relaunches SVB UK as 'innovation' division
Asia-focused bank giant HSBC on Monday relaunched the recently-acquired UK arm of collapsed US lender Silicon Valley Bank as part of a major push into technology and life sciences.
It rebranded SVB UK as HSBC Innovation Banking, the London-listed lender said in a statement, three months after it bought the unit in a rescue deal for £1 ($1.2).
The division, headed by former SVB UK boss Erin Platts, will include HSBC's newly-formed innovation teams in Hong Kong, Israel and the United States, it added.
The announcement came at the start of London Tech Week, an industry showpiece for the British capital's vibrant technology scene.
The new division is a "globally-connected, specialised banking proposition" that will support "innovation businesses and their investors", the lender said.
HSBC in March bought SVB UK under a deal brokered by the UK government and the Bank of England.
The rescue came after parent group SVB collapsed, sparking panic in Britain over the division's key UK-based customers.
Monday's rebrand comes with "the UK's world-leading technology and life sciences sectors... central to growing the UK economy and boosting global exports", said HSBC chief executive Noel Quinn said Monday.
California-based SVB failed after an attempt to raise new money proved unsuccessful, triggering mass withdrawals by customers.
Its demise is the third-largest retail bank failure in US history. Fellow California lender First Republic Bank took the dubious second spot last month.
P.AbuBaker--SF-PST
