HSBC’s new technology arm primed for expansion: CEO Quinn

HSBC Holdings is considering further expansion at its new technology unit after buying the UK arm of Silicon Valley Bank, according to chief executive officer (CEO) Noel Quinn.

“I’m willing to scale this operation,” Quinn said in an interview at a technology conference in London.

HSBC Innovation Banking was formally launched on Monday (Jun 12) with more than 700 staff, including 650 in the UK and Scandinavia, as well as 40 in the US, 20 in Israel and around a dozen in Hong Kong. The number of employees could grow, according to Quinn. “We’re willing to hire as demand increases,” he said.

Quinn said the bank was considering expanding its technology operation across France, Germany and other markets in continental Europe, as well as potentially growing in Asia. Quinn and the HSBC board will be in Paris next week as the French government prepares to host a climate finance summit.

The UK arm of HSBC Innovation Banking is led by Erin Platts, the CEO of Silicon Valley Bank UK, which HSBC bought for a nominal £1 (S$1.68) in March in the wake of the collapse of its US parent. Quinn personally led the negotiations with the British authorities during the weekend rescue. BLOOMBERG