Following the collapse of Silicon Valley Bank (SVB) in March, HSBC is now hiring around 40 former SVB bankers to establish a new unit focused on technology, healthcare, and venture capital funds in the US.
In a statement released by HSBC on Tuesday, the bank’s US and Americas chief executive, Michael Roberts, highlighted the initiative’s potential: “As we look to grow our business, this offering allows us to connect the innovation ecosystem with the size, strength, and international network of HSBC.”
The new team will be based in San Francisco, Boston, and New York, and will be led by David Sabow, the former head of tech and healthcare banking at SVB. Other notable transfers include Sunita Patel, Katherine Anderson, and Melissa Stephanis.
In a LinkedIn post, Sabow expressed his enthusiasm, stating: “Over the last ten years at SVB, I have had a front-row seat to the importance of people and culture in business. I witnessed this pattern with our clients, and I experienced it daily at work. Today, I am thrilled to announce that I have joined HSBC to lead their Technology & Healthcare business. I am fortunate to be joined by over 40 former colleagues. We aim to bring the same sector insight and customer-centric approach that made SVB exceptional while leveraging a strong balance sheet, venture debt, and sophisticated global product capabilities.”
Additionally, HSBC had previously acquired SVB’s UK arm following the collapse earlier this year. These recent hires indicate HSBC’s intensified efforts to attract venture capital and start-up clients who may have been affected by SVB’s downfall.