HSBC currently hires about 40 former employees of the Silicon Valley bank.

Source: Pixabay.com

These employees will be part of a new division in the structure of the British commercial bank, which will specialize in technology, healthcare, and venture funds in the United States.

In a statement published by HSBC, the executive director of the financial institution in the United States, Michael Roberts, noted that the emergence of a new structural unit and its subsequent operation will help to combine the innovation ecosystem with a large and powerful international network of HSBC.

The new division will be dispersed in several US cities, including Boston, New York, and San Francisco. The head of the division will be David Sabow, former Head of Technology and Banking at SVB Healthcare.

In a post posted on LinkedIn, Sabou stated that over the past ten years, he has systematically promoted the idea that people and culture are of particular value in business. He also noted that he had the opportunity to observe the practical implementation of an activity model based on relevant principles and values.

Sabou said that he and his colleagues at the Silicon Valley Bank will bring in HSBC its own understanding of the industry and will adhere to the principle of radical customer orientation. He also noted that thanks to this approach, SVB has become a special bank. Sabou emphasizes that the ideology of maximum customer orientation in this case will be combined with advanced global product capabilities.

HSBC acquired the British division of Silicon Valley Bank after the March collapse of this financial institution. The British bank is currently focused on attracting venture capital and start-up clients who could be affected by the situation with SVB.

HSBC’s activities in the US financial market include the provision of investment banking and capital management services. In 2021, the financial institution sold its American retail banking network to Citizens Bank.

Matt Ward, Director of Communications at HSBC USA, stated that the mission of this regional division of the bank is to help increase the international customer base and be a reference point for the global HSBC network through an integrated wholesale banking and wealth platform. He also noted that the American startup market is focused on those industries in which the presence of a financial institution has already been secured, primarily in areas of technologies and life sciences.

As we have reported earlier, HSBC Grants Its First Green Loan in Hong Kong.