Silicon Valley Bank UK will continue to serve startup businesses from "seed funding to IPO," the chief executive of its new owner, HSBC UK, said Tuesday.
"We're going to protect what we've got," Ian Stuart told CNBC's Arjun Kharpal at the Money20/20 fintech conference in Amsterdam.
"We are going to keep it ringfenced within our own ringfenced bank, it will have its own board, it will have its own risk policies, we are going to protect what it's got today."
HSBC UK bought the London-headquartered subsidiary of Silicon Valley Bank for £1 ($1.21) in March after its U.S. parent company collapsed.
Despite not having a major customer base in the U.K., hundreds of founders and VCs said the bank's failure would be highly damaging to the tech sector, and the government stepped in to facilitate a deal over the course of a weekend.
Persons:
we've, Ian Stuart, CNBC's Arjun Kharpal, it's, VCs
Organizations:
Valley Bank, HSBC, HSBC UK, London, Silicon Valley Bank
Locations:
Amsterdam, Silicon