HSBC unveiled a new HSBC Innovation Banking unit Monday, as it seeks to push into the technology sector following its eleventh-hour rescue of the U.K. subsidiary of failed SVB.
The unit represents HSBC's "globally-connected, specialized banking proposition to support a broad range of innovation businesses and their investors," the bank said Monday.Nurphoto | Nurphoto | Getty Imagesunveiled a new HSBC Innovation Banking unit Monday, as it seeks to push into the technology sector following its eleventh-hour rescue of the U.K. subsidiary of failed Silicon Valley Bank in March.
The U.K. government and Bank of England facilitated the purchase in a bid to protect deposits, as Britain separately struggles to retain its position as an international tech capital. The criticism was shot down last week by HSBC UK CEO Ian Stuart, who told CNBC's Arjun Kharpal that the bank would take its activity "from seed funding all the way through to IPO, customers will never have to go outside of that network to meet their funding requirements.
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