After Silicon Valley Bank (SVB) failed in March, HSBC is now hiring about 40 ex-SVB bankers to build a new division that will focus on US tech, healthcare, and venture capital funds.
The chief executive of HSBC in the US and America, Michael Roberts, said in a statement that the bank’s offering “allows us to connect the innovation ecosystem with the size, strength, and international network of HSBC as we look to grow our business.”
David Sabow, a former SVB head of tech and healthcare banking, will be the team’s leader. The team will have offices in San Francisco, Boston, and New York. Additionally transferring to the new unit are Sunita Patel, Katherine Anderson, and Melissa Stephanis.
“Over the last ten years at SVB, I have had a front-row seat to the importance of people and culture on a business,” wrote Sabow in a LinkedIn post. With our clients, I frequently observed this pattern in action, and I personally encountered it each day I reported to work. Today, I’m excited to announce that I’ve joined HSBC to lead their Technology & Healthcare business, and I’m incredibly lucky to have more than 40 of my former coworkers join me. With a fortress balance sheet, venture debt, and sophisticated global product capabilities, we are bringing the same industry insight and radical customer centricity that made SVB so unique.
The recent hires indicate that HSBC is stepping up its efforts to snag venture capital and start-up clients who may have been impacted by SVB’s collapse. HSBC bought SVB’s UK arm after it collapsed earlier this year.