HSBC launches HSBC Innovation Banking with support from Silicon Valley Bank UK.

HSBC Holdings PLC ADR (NYSE: HSBC), a British bank and financial services group with over $10 trillion in assets under custody (AUC), has created a new banking technology unit named HSBC Innovation Banking with support from former Silicon Valley Bank UK (SVB UK) experts.

Closer Look at the HSBC Innovation Banking Unit

The primary focus of the HSBC Innovation Banking unit is to help innovative businesses compete globally, especially those focused on technology and life sciences, along with their investors. The bank stated that “sometimes, high-growth start-ups need a helping hand to capture global opportunities and our new proposition will enable them to navigate the challenges of growing across borders.”

UK Prime Minister Rishi Sunak also remarked that the country is home to global tech companies that involve life sciences. Sunak added that HSBC Innovation Banking will be a significant boost to innovative businesses and, in turn, cement the country as a life science innovation hub.

Notably, HSBC Group Chief Executive Noel Quinn welcomed the new innovative banking unit, stating that it will help showcase the importance of SVB UK in its ecosystem. The launch of HSBC Innovation Banking coincided with London Tech Week, which brought together senior leaders.

Market Outlook

The launch of HSBC Innovation Banking comes a few months after the banking giant acquired SVB UK for only £1. This was after the UK government intervened to stop further bank runs earlier this year. The HSBC stock market gained about 22 percent YTD to trade around $38.15 on Monday. The $152.06 billion valued banking giant reported a revenue of about $20.2 billion, up approximately 64 percent YoY basis. As the market indicators point to profitable quarters ahead, the company issued a positive outlook for the remaining part of the year.

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