The chief executive of the new owner, HSBC UK, said on Tuesday that the UK Silicon Valley Bank will continue to serve startups from “seed funding to IPOs”.
“We’re going to protect what we have,” Ian Stuart told CNBC’s Arjun Kharpal at the Money20/20 fintech conference in Amsterdam.
“We will keep it surrounded in the bank surrounded by ourselves, it will have its own board, it will have its own risk policy, we will protect what it has today. Today.”
HSBC UK bought the London-based subsidiary of Silicon Valley Bank for £1 ($1.21) in March after the parent company in the US fall. Although there is no large UK customer base, hundreds of founders and VCs speak The bank’s failure would do great damage to the tech sector, and the government intervened to facilitate a deal. during a weekend.
Some have expressed concern that HSBC, a traditional financial institution, is not qualified to allow the UK Silicon Valley Bank to continue funding tech-focused start-ups and small businesses that this bank used to specialize in.
However, Stuart said the bank wants to reassure customers that that won’t happen.
“Our plan is that we will take it from seed funding until the IPO, customers will never have to go out of that network to meet their funding requirements,” he said. but with the addition of HSBC products and services.
After migrating backend systems and processes from the US and relaunching under an unpublished name – what sources have told SkyNews will be HSBC Innovation Banking — Stuart says it wants to take it global.
“We want to go global very, very quickly, setting up infrastructure in the US, UK, Israel, the Middle East and Asia. So it’s a really comprehensive plan,” he said.
