By Elena Vardon

HSBC Holdings on Monday launched HSBC Innovation Banking, a new standalone entity which includes Silicon Valley Bank UK and new innovation teams.

The British lender, which bought the U.K. unit of the U.S. bank after its collapse in March for one pound, said the new unit would provide a specialized banking proposition to support innovation businesses and their investors globally.

The subsidiary will be made up of over 650 employees in the U.K. and Nordics as well as newly formed teams across the U.S., Israel and Hong Kong, it said.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

June 12, 2023 06:06 ET (10:06 GMT)

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