HSBC hires Silicon Valley Bank bankers to focus on tech, healthcare

Logo of HSBC is seen on its headquarters at the financial Central district in Hong KongA logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China August 4, 2020. REUTERS/Tyrone Siu/File Photo

NEW YORK, April 11 (Reuters) – HSBC Holdings plc's (HSBA.L) U.S. unit has hired dozens of Silicon Valley Bank bankers led by David Sabow, who most recently led the technology and healthcare banking segment for the California-based bank that collapsed last month.

HSBC USA said in a statement the hiring will help the bank establish a dedicated banking practice focused on serving companies in technology and healthcare, as well as investors who support them.

HSBC has initially assembled a team of more than 40 bankers in the San Francisco Bay Area, Boston and New York City as part of this initiative, it said.

The Federal Deposit Insurance Corporation (FDIC) took over Silicon Valley Bank on March 10 after depositors rushed to pull out their money in a bank run that also brought down Signature Bank and wiped out more than half the market value of several other U.S. regional lenders.

U.S. regulators last month decided to backstop a deal for regional lender First Citizens BancShares (FCNCA.O) to acquire failed Silicon Valley Bank, triggering an estimated $20 billion hit to a government-run insurance fund.

HSBC said other hires included Sunita Patel, who will oversee investor coverage and business development for technology and healthcare market, Katherine Andersen who will lead life sciences and healthcare, and Melissa Stepanis, who will oversee technology.

HSBC's new banking practice will sit within the bank's US commercial banking business, it said.

HSBC last month bought the UK arm of Silicon Valley Bank for a symbolic one pound, rescuing a key lender for technology start-ups in Britain.

  • TechnologycategoryBuffett says geopolitics a factor in Berkshire sale of TSMC stake, article with image2:21 PM UTC
  • FinancecategoryCredit Suisse, SEC letters show months-long reporting errors debate, article with gallery7:28 PM UTC . Updated undefined ago
  • FinancecategoryBlackstone raises $30.4 billion for latest real estate fund, article with image5:32 PM UTC
  • FinancecategoryCredit Suisse job cuts must be frozen, bank employees leader says, article with image6:27 PM UTC


Related posts

TC Energy says Keystone oil pipeline system to curtail volumes

Cynthia Danforth

Mazda discussing ending production in Russia, Nikkei reports

Cynthia Danforth

Starbucks union claims company closed two cafes in retaliation

Cynthia Danforth

Leave a Comment