HSBC has unveiled the HSBC Innovation Banking, which includes the former Silicon Valley Bank UK (SVB UK) as well as newly formed innovation teams in Hong Kong, Israel, and the US.

The innovation-focused HSBC teams in the US, Israel and Hong Kong will operate as part of the HSBC Innovation Banking brand which will roll out globally in the coming months.

In Hong Kong, around a dozen dedicated bankers are being onboarded to complement HSBC’s existing new economy expertise serving Hong Kong and Asia-Pacific.

The bank said that this will deliver a globally-connected, specialised banking proposition to support a broad range of innovation businesses and their investors.

HSBC Innovation Bank Limited, formerly Silicon Valley Bank UK Limited, will operate as a subsidiary of HSBC UK Bank PLC and remain headquartered in its Alphabeta Office in London.

Noel Quinn, Group Chief Executive of HSBC said,

“HSBC now has a world-class team focused on innovation companies, their founders and their investors. We will protect this specialism and take it to the next level by combining these capabilities with our financial strength and global reach. Our new innovation teams will be there to support our clients’ international growth at every step.”