Following the hire of tech and healthcare bankers earlier this year, HSBC is reportedly eyeing to be a leading lender to venture capital firms and startups.
HSBC is seeking to be a leading lender to venture capital (VC) firms and startups worldwide, including in Asia, despite a slowdown in the space. According to a KPMG report, global VC investments in the first quarter of 2023 totalled $60 billion, down from $200 billion in the same period in 2022.
«In many ways, this is the best time for us to establish this initiative because we get to really grow with these companies as they continue to grow themselves,» said Michael Roberts, CEO of HSBC USA and Americas, in a «Reuters» report.
«We’re going to be able to cover from the smallest to the largest, and do so in a way that is more globally focused than anyone else.»
New Hires
HSBC has already hired new talent to support its ambitions, including 42 bankers from Silicon Valley Bank (SVB), which it acquired as part of a rescue following its collapse in March. Within Asia, HSBC also added a dozen bankers in Hong Kong focusing on VCs and startups.
The bank is already doing venture-type lending to startups in India and will also look to focus on Singapore.
