Following the collapse of Silicon Valley Bank (SVB) in March, HSBC is now hiring around 40 ex-SVB bankers to establish a new unit targeting tech, healthcare, and VC funds in the US.
In a statement released by HSBC on Tuesday, the bank’s US and America’s chief executive, Michael Roberts, stated: “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 team will be based in San Francisco, Boston and New York, and led by David Sabow, ex-head of tech and healthcare banking at SVB. Sunita Patel, Katherine Anderson and Melissa Stephanis will also be transferring to the new unit.
In a LinkedIn post, Sabow stated: “Over the last ten years at SVB I have had a front row seat to the importance of people and culture on a business. I saw this pattern play out repeatedly with our clients, and I experienced it every day I came to work. Today I am thrilled to share that I have joined HSBC to lead their Technology & Healthcare business and am so fortunate to be joined by 40+ of my former colleagues. We are bringing the same sector insight and radical customer centricity that made SVB so special, and marrying this with a fortress balance sheet, venture debt, and sophisticated global product capabilities.”
HSBC purchased SVB’s UK arm following the collapse earlier this year, and the recent hires suggest HSBC is making an increased effort to snap up venture capital and start-up clients which may have been impacted by SVB’s collapse.