According to HSBC UK CEO Ian Stuart in an interview with CNBC, HSBC UK aims to maintain the emphasis on startups and innovative businesses within Silicon Valley Bank UK.
On Tuesday, the CEO of HSBC UK, Ian Stuart, affirmed that Silicon Valley Bank UK will maintain its commitment to supporting startup businesses throughout their entire journey, from seed funding to IPO. Speaking at the Money20/20 fintech conference in Amsterdam, Stuart reassured attendees that their focus is on preserving and safeguarding the existing services offered by Silicon Valley Bank UK.
“We intend to ensure strict segregation within our dedicated banking division, maintaining a separate entity with its own independent board and risk policies. Our commitment lies in safeguarding the existing assets and operations of the recently acquired London-based subsidiary of Silicon Valley Bank, which we purchased for a nominal amount of £1 ($1.21) following its parent company’s collapse in the United States.
While not currently possessing a significant customer base in the UK, the failure of this bank was perceived as potentially detrimental to the thriving tech sector by numerous founders and venture capitalists. Recognizing the urgency, the government intervened to expedite a resolution, leading to the facilitation of a deal over a weekend.”
There have been concerns raised regarding HSBC’s ability to support Silicon Valley Bank UK in financing tech-focused startups and small businesses, given its traditional financial institution background. However, Stuart, a representative from the bank, emphasized that customers need not worry about this.
“Our objective is to provide comprehensive support, starting from seed funding and extending all the way to IPO. Customers will not have to seek external networks to meet their funding needs,” Stuart assured. He further added that this would be accomplished by integrating HSBC’s products and services alongside existing offerings.
After successfully transferring their back-end systems and procedures from the United States and preparing for a relaunch with an undisclosed new name, Stuart, the company representative, revealed their aspirations to expand the operation worldwide.
According to sources informed by Sky News, the forthcoming name is expected to be HSBC Innovation Banking. Stuart emphasized their ambition to establish a global presence rapidly by establishing infrastructure in key regions such as the United States, United Kingdom, Israel, the Middle East, and Asia. This comprehensive plan outlines their strategic approach to achieve global outreach swiftly and efficiently.