Connect with us

Tech

HSBC's acquisition of Silicon Valley Bank UK increases technology visibility for Hong Kong financial institution customers and start-ups

HSBC's acquisition of Silicon Valley Bank UK increases technology visibility for Hong Kong financial institution customers and start-ups

 


Just over a year after HSBC Holdings Plc bought the British unit of Silicon Valley Bank (SVB) for $1 ($1.27), wealthy clients in Hong Kong and elsewhere in Asia are eager to explore investment opportunities in tech start-ups, according to one executive.

HSBC, Europe and Hong Kong's largest lender, bought Britain's Silicon Valley Bank in March last year after its U.S. parent collapsed under a run on banks. Three months later, the newly acquired unit was rebranded HSBC Innovation Banking.

Although the acquisition took place in the UK, there was growing interest among HSBC's wealthy clients in potential investment opportunities with SVB's start-up clients. SVB had been the go-to bank for Silicon Valley startups since the 1980s until its collapse.

Maggie Ng, head of wealth and personal banking at HSBC Hong Kong, said: “After acquiring Silicon Valley Bank UK, many high-net-worth clients started showing interest in the bank and its start-up clients.” Ta.

Maggie Ng (left) and Kai Cheung, heads of wealth banking and personal banking for HSBC Hong Kong and South Asia, respectively, at HSBC's headquarters in Hong Kong. Photo: Xiaomei Chen

The acquisition will accelerate HSBC's digital innovation and also leverage the bank's global footprint, she said, adding that it now has direct access to SVB's platform to connect with start-up customers.

Silicon Valley is home to some of the world's biggest technology companies, including Apple, Google, and Meta. The tech hub is home to 63 unicorn startups valued at at least US$1 billion. It is one of the richest regions in the world, reportedly home to 84 billionaires. The presence of many innovative start-ups also attracts the establishment of major venture capital firms.

HSBC organized a three-day networking program in California last week as part of an effort to connect high-net-worth clients with startups, other Silicon Valley executives and investors, and 25 private bank clients in Hong Kong and Asia. The company was invited to visit its technology base in the United States.

A welcome dinner on May 14 will see HSBC customers mingle with tech executives and startups, followed by a full day of discussions with venture capitalists including Andreessen Horowitz, Lightspeed Ventures, Lux Capital, and Sendana Capital. We had a meeting.

On the final day, clients visited the offices of startup and venture capital firms such as Playground Global and Stanford Medical Center, and concluded their visit with an optional wine tasting tour of Napa Valley.

HSBC CEO Noel Quinn said the acquisition of SVB UK sent a clear message that HSBC is a bank that wants to be deeply involved in innovation.

According to Pitchbook in January, fundraising by U.S. startups in 2023 fell to the lowest level since 2019. Venture capitalists invested $170.6 billion in about 15,000 deals in the U.S., down 30% compared to 2022, according to the research firm.

Meanwhile, a survey released Wednesday by HSBC Global Research found that eight in 10 global investors have a positive view of venture capital and private equity investments over the next 12 months.

The survey was conducted in April and interviewed 204 professional investors who collectively manage US$2.3 trillion in assets.

Frank Fang, head of commercial banking at HSBC Hong Kong and Macau, said in a statement accompanying the survey results that HSBC Innovation Banking provides a globally aligned proposition to venture-backed companies and their investors in the UK, US, Hong Kong and Israel.

Sources

1/ https://Google.com/

2/ https://amp.scmp.com/business/banking-finance/article/3263730/hsbcs-silicon-valley-bank-uk-acquisition-raises-hong-kong-lenders-tech-profile-clients-start-ups

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]