Startup-focused lender Silicon Valley Bank UK (SVB UK) is planning to rebrand next month after it was acquired by HSBC in a £1 rescue deal.
The UK subsidiary of the California bank will change its name to “HSBC Innovation Banking” and is expected to be unveiled at London Tech Week in June, Sky News reported on Monday.
A separate source confirmed the upcoming SVB UK rebrand to UKTN. SVB UK and HSBC declined to comment.
In March, HSBC swooped in at the eleventh hour to buy SVB UK in a deal facilitated by the British government.
The takeover deal protected all SVB UK deposits and increased HSBC’s access to the high-growth startup market. SVB UK had loans of around £5.5bn and deposits of around £6.7bn as of 10 March.
Silicon Valley Bank, the US parent company of SVB UK, was temporarily taken into public ownership before being sold to American lender First Citizens Bancshares.