HSBC relaunches SVB UK as 'innovation' division / Photo: © AFP/File
-
Leeds rally for 4-2 friendly win over Liverpool
-
Four Al-Fayed survivors told they were trafficking victims
-
Trump says US support for Japanese yen a 'signal of friendship'
-
Ariana Grande withdraws from London musical, seeks to 'step back'
-
Thorbjornsen earns maiden PGA win at Rocket Classic
-
Sudan army drone attack on Darfur court kills 35
-
Greaves steadies West Indies in second Test against Pakistan
-
At least 72 died in Spain's Ceuta migrant rush, Spain says
-
Zverev says sanctions won't solve problem of bloated Masters events
-
Russian teen Liutova wins WTA Memphis title
-
Brazil's Lula, 80, says 'in great shape' as he launches fourth term bid
-
Zverev remains wary of 12-day Masters events
-
Barco joins Chelsea rebuild from Strasbourg
-
Wimbledon champ Noskova ready for 'new opportunity'
-
Commonwealth Games faces uncertain future ahead of centenary edition
-
Japan's Kuwaki wins women's British Open to clinch first major title
-
Moroccans gather at Ceuta border, desperate for news of loved ones
-
Sabalenka aims to bounce back in Toronto after Wimbledon disappointment
-
Finucane seals fourth cycling gold on final day of Commonwealth Games
-
Iran says close to Hormuz deal with Oman, after US suspends attack plan
-
At Nepal school, outpouring of grief for climber Nirmal Purja
-
'Spider-Man' soars to huge $355 million opening in North America
-
Tourists slowly return to French bay opposite huge wildfire
-
Handbag tosses and high-heeled sprints: Amsterdam celebrates Drag Olympics
-
Helicopter crew killed in Greece fires
-
Trump's on-again-off-again war against Iran: in his own words
-
Wiebes takes dominant second win at Tour de France Femmes
-
Dodgers land Tigers pitching ace Skubal in MLB trade deadline blockbuster
-
Suicide attack kills 13 during protest in northern Pakistan: police
-
Infantino struggling to survive, says former IOC marketing chief
-
Helicopters collide in Greece as fires spread
-
OPEC+ boosts September production by 188,000 barrels/day
-
Power returns to Cuba's west after grid failure
-
Rescuers recover climber Nirmal Purja's body after avalanche disaster
-
At least 72 died in Spain's Ceuta migrant rush
-
Fire toll mounts in Greece as blazes spread
-
South Korea records its highest-ever temperature of 42.5C
-
Sri Lanka deploys troops after prison riot
-
Trump says US, Israel to hold off on Iran strikes
-
Baltics transform from Soviet stagnation to startup hubs
-
Messi returns as Inter Miami draw 2-2 against Columbus Crew
-
AI keeps consumer prices high in 'RAMaggedon' chip crunch
-
Five of Cuba's 15 provinces without power as grid fails again
-
Dressel, Walsh win 50m free titles at US Swimming Championships
-
Baltic startups take aim at deterring Russia on NATO's eastern flank
-
OPEC+ tipped to raise production again but new quotas loom
-
Tourists chase high-octane thrill in China's trending biker capital
-
De Zerbi unsure over Richarlison's future at Spurs
-
Vincent Pastore, who played 'Big Pussy' on 'The Sopranos,' dead at 80
-
Tottenham manager De Zerbi 'happy' with pre-season progress
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.
J.Horn--BTB