HSBC opts for Innovation in rebranding of Silicon Valley Bank UK

HSBC will next month unveil a new name for the technology-focused bank it rescued earlier this year after its US parent collapsed.UK under the name HSBC Innovation Banking.

The new identity is expected to be announced to coincide with London Tech Week, which kicks off on 12 June. One tech veteran said it may stoke concerns among entrepreneurs that by bringing SVBUK under the HSBC brand, the new subsidiary was at risk of surrendering the operational independence that had made it a distinctive presence in the SME banking market.

Noel Quinn, HSBC's chief executive, has talked about the need to preserve the culture of a business it stepped in toThe Bank of England orchestrated the deal, with Prime Minister Rishi Sunak also becoming personally involved. SVBUK has thousands of clients, many of whom had joined forces to warn the government that its demise would imperil Britain's start-up economy.

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