- Erin Platts commented on the vision of HSBC Innovation Banking to support innovation business.
- Platts asserted that HSBC could help SVB UK to rise from the fallen condition.
- Following HSBC’s acquisition of SVB UK, HSBC launched HSBC Innovation Banking, rebranding SVB UK.
Erin Platts, the former CEO of the financial giant Silicon Valley Bank (SVB) UK, shared her enthusiasm for the UK banking titan HSBC’s rebranding of SVB UK. Following her accession to the position of CEO at the SVB UK’s newly rebranded HSBC Innovation Banking, Platts spoke in an interview throwing light into the firm’s vision to “support innovation business”.
On June 12, 2023, HSBC unveiled the launch of HSBC Innovation Banking, a “new global, specialized banking proposition for businesses in cutting-edge sectors, such as tech and life sciences, and their investors”.
With the fall of SVB, the whole crypto industry has been shaken with debts and losses. For instance, the USDC issuer Circle revealed that “$3.3 billion of the $40 billion of USDC reserves remain at SVB”. SVB had been a helping hand to many crypto firms and with the re-entry of
SVB through HSBC, the crypto community anticipates a better financial supporting environment.
HSBC Innovation Banking intends to combine the expertise and financial services of SVB UK with HSBC’s teams in other countries including the US, Israel, and Hong Kong for supporting global growth.
Platts, in a Bloomberg podcast, asserted that HSBC has the capability to raise SVB UK to heights. In particular she stated:
We had a vision to support innovation businesses, full transactional banking capabilities, full private banking wealth capabilities, full investment banking capabilities, everywhere they wanted to go
“But it was going to take us five to seven years to build that from the ground up in the old SVB UK business. HSBC has all those capabilities…so our 2030 strategy just arrived”, she ended.
Reflecting on a groundbreaking development in the journey of both HSBC and SVB UK- HSBC’s acquisition of SVB UK, Platts commented that she was surprised at the news. She added that though the sudden crash of the bank was agony, the later developments were favorable.
It was on March 14 that HSBC announced the acquisition of the UK branch of SVB in a rescue deal, ensuring the customer’s unaltered banking facilities. Noel Quinn, HSBC’s Chief Executive exclaimed that the “acquisition makes excellent strategic sense for our business in the UK”.
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