HSBC has poached SVB’s Asia team in Hong Kong
HSBC has hired the former Asia team Silicon Valley Bank as it continues to bolster its new innovation banking business with the remnants of the collapsed lender’s people operations.
HSBC is understood to have hired a 12 strong team led by Bo Hanson, who has been appointed managing director and head of global fund banking for HSBC Innovation Bank.
Hanson was previously head of global fund banking for SVB in Asia and has joined HSBC with a number of his former colleagues.
“The team and I are excited to be back in market, serving clients and armed with a truly global and sophisticated institution such as HSBC,” Hanson said in a LinkedIn post announcing his appointment. Hanson initially joined SVB’s fund of funds capital division in Palo Alto and moved to Hong Kong a decade ago to help SVB open and expand its Asian operations.
The Hong Kong hires are the latest move by HSBC to hire former SVB bankers and operations and combine them with its own capabilities under a new business called HSBC Innovation banking.
HSBC launched Innovation Bank last month following the acquisition of SVB UK, the UK arm of the US lender which collapsed in March. HSBC also poached 43 bankers from SVB’s US including professionals from its technology and life sciences team after it was acquired by First Citizens bank. The business which includes the bank’s pre-existing business aimed at providing credit and lending to early-stage start-ups, employs more than 700 people globally and sits within HSBC Commercial banking division.
The hiring of the Asia team completes the global offering for HSBC Innovation, which also has a team in Israel. “The Hong Kong team is focused on serving the needs of investors and it completes the picture in terms of covering the innovation community,” said one source familiar with the plans who added that the bank could look to expand further in Asia.
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