London, June 12 (EFECOM).- HSBC Bank announced on Monday the launch of a new global division, called Innovation Banking, which houses the former UK division of Silicon Valley Bank (SVB UK) and which aims to promote new technologies.

The entity, which made the announcement on the occasion of London Technology Week celebrations, said the division would offer “specialized and globally connected banking proposals to support innovative companies and their investors”.

The new division will be led by Erin Platts, former head of SVB UK.

The British banking giant had bought SVB UK last March for a one-pound (1.16 euro) face value after it failed in the United States, raising fears of a global financial crisis.

HSBC Group Chief Executive Noel Quinn said today that the world’s leading technology sector is critical to growing the UK economy and boosting global exports.

“HSBC now has a world-class team focused on innovative companies (…), we will protect this specialty and take it to the next level by combining these capabilities with our financial strength and global reach,” he added.

On the occasion of the creation of this new division, the British Prime Minister, Rishi Sunak, said that the UK is home to a “world-leading” technology sector, and I am proud of the UK Government’s role in securing their future and enabling them to prosper.”.

“HSBC Innovation Banking will help innovative companies unlock their potential, create more jobs and access new global opportunities, support my priorities of growing the UK economy and strengthen our position as a science and technology superpower,” added Sunak.

The Prime Minister emphasized that the Government’s goal is not just to maintain the UK’s position as one of the world’s technology capitals, but “to make it the best country in the world to start, grow and invest in technology businesses.”

“That was my goal and I feel an urgency and a responsibility to make sure we capitalize on it,” he added. EFECOM

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