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HSBC Holdings PLC will announce plans to rebrand Silicon Valley Bank UK, after it rescued the bank following the collapse of its US parent earlier this year, Sky News reported on Monday. Silicon Valley Bank UK will be renamed HSBC Innovation Banking. IHSBC is expected to announce the rebranding during London Tech Week, which kicks off on June 12, Sky said. No imminent changes to SVB UK’s executive leadership are planned, Sky said. Erin Platts will remain as chief executive, while Darren Pope is expected to remain as independent chair, at least for the time being, Sky said. https://news.sky.com/story/hsbc-opts-for-innovation-in-rebranding-of-silicon-valley-bank-uk-12892645 Back in early March, the Asia-focused lender said its ring-fenced UK subsidiary, HSBC UK Bank PLC had bought SVB UK for the nominal price of £1. The bank’s Californian parent had collapsed, with US regulators seizing assets, before the Bank of England ordered SVB UK into insolvency. At the time of the acquisition, SVB UK had loans of around £5.5 billion, with deposits of around £6.7 billion. Its tangible equity was around £1.4 billion. HSBC shares were down 0.1% at 609.50 pence in London on Tuesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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