(Bloomberg) — HSBC Holdings Plc has completed the integration of Silicon Valley Bank UK following its emergency takeover nearly a year ago, according to Erin Platts, who leads the rescued business.
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“We’re starting the year off in a really positive place,” Platts said in an interview Wednesday with Bloomberg Television. “The integration is done, the transition is done, which is a lot of work, especially when you’re merging two banks together.” In both the UK and global teams that have come aboard, “we are out in market and we’re back to business,” she added.
Europe’s largest bank bought SVB UK for a token £1 last March after its US parent came close to collapse. HSBC renamed the business HSBC Innovation Banking, retaining Platts as its boss.
In the final three months of 2023, the integrated business enjoyed its busiest ever quarter in terms of bringing in new clients, which Platts credited in part to the stability that came with the bank’s new ownership.
Funding Outlook
Platts said it would be several months before the market for UK tech stock market listings reopened, warning that while there are 63 unicorn companies with the potential to list, she did not expect to see IPOs until at least the final quarter of the year.
“We should expect the UK should be competitive on a global scale with the US on public markets, I just don’t think it’ll be in 2024,” Platts said in a separate interview with Bloomberg Radio. “I don’t believe a change in government will see a significant shift. This is a macro and regulatory and cultural issue for us to collectively address.”
The outlook for venture capital investments in UK firms is more optimistic, she said, with deals picking up in the second half of 2023. Platts highlighted growing interest in companies involved in the environment, healthcare and AI.
–With assistance from Anna Edwards and Lizzy Burden.
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