1 year ago
114
Silicon Valley Bank UK volition proceed to service startup businesses from "seed backing to IPO," the main enforcement of its caller owner, HSBC UK, said Tuesday.
"We're going to support what we've got," Ian Stuart told CNBC's Arjun Kharpal astatine the Money20/20 fintech league successful Amsterdam.
"We are going to support it ringfenced wrong our ain ringfenced bank, it volition person its ain board, it volition person its ain hazard policies, we are going to support what it's got today."
HSBC UK bought the London-headquartered subsidiary of Silicon Valley Bank for £1 ($1.21) successful March aft its U.S. genitor institution collapsed. Despite not having a large lawsuit basal successful the U.K., hundreds of founders and VCs said the bank's nonaccomplishment would beryllium highly damaging to the tech sector, and the authorities stepped successful to facilitate a woody over the people of a weekend.
Some person expressed interest that HSBC, a accepted fiscal institution, is not good placed to alteration Silicon Valley Bank UK to proceed to concern the benignant of tech-focused startups and tiny businesses that it utilized to specialize in.
However, Stuart said the slope wanted to reassure customers that wouldn't beryllium the case.
"Our program is we'll instrumentality it from effect backing each the mode done to IPO, customers volition ne'er person to spell extracurricular of that web to conscionable their backing requirements," helium said, but with the summation of HSBC products and services.
After migrating back-end systems and processes from the U.S. and relaunching nether a yet-to-be-announced sanction — which sources person told Sky News volition beryllium HSBC Innovation Banking — Stuart said they wanted to instrumentality the cognition global.
"We privation to beryllium planetary very, precise quickly, mounting up infrastructure successful the U.S., U.K., Israel, Middle East and Asia. So it's a truly broad plan," helium said.
English (US) ·