HSBC USA hires SVB veterans to lead ‘innovation economy’ offering

HSBC USA has hired four former Silicon Valley Bank (SVB) executives to head up a new dedicated banking practice focused on the “innovation economy”, as it positions itself as “the bank for entrepreneurs”.

HSBC purchased the UK arm of SVB last month, following the collapse of SVB in the US.

David Sabow, who led technology and healthcare banking for SVB, serving clients across the US and Canada, joins HSBC USA to lead its new offering.

He is joined by Sunita Patel, who will oversee investor coverage and business development across the technology and healthcare market, having served as the chief business development officer for SVB.

Former head of US life science and healthcare at SVB, Katherine Andersen, has been appointed by HSBC USA in a similar role – to lead life sciences and healthcare at its new banking practice.

HSBC USA also named Melissa Stepanis, who was previously head of SVB’s national Technology Credit Solutions organization, to oversee technology.

The new offering will sit within HSBC’s US Commercial Banking business, with a focus on serving companies in technology and healthcare, as well as the investors who support them.

As part of this initiative, HSBC has assembled a team of more than 40 bankers in the Bay Area, Boston and New York City.

Michael Roberts, chief executive officer US and Americas at HSBC, said its new banking offering will “connect the innovation ecosystem with the size, strength and international network of HSBC”.

“Early-stage companies should have a partner that can support them at every phase of their growth and we think that HSBC is best placed to help do that.”

Roberts added: “We know that companies are scaling globally earlier in their lifecycle and we want to bring the full breadth of our domestic and international capabilities to be the bank for entrepreneurs.”

Sabow said: “HSBC’s focus on both clients and culture is truly unique for an institution of their size, and we are looking forward to creating something special as the market prepares for its next phase of growth.”