David Sabow, who most recently served as the head of Silicon Valley Bank's technology and healthcare banking division for the California-based bank that failed last month, has recruited dozens of bankers for HSBC Holdings plc's U.S. division.
According to a statement from HSBC USA, the hire will assist the bank in creating a specific banking practice devoted to working with investors that support technology and healthcare startups.
As part of this strategy, HSBC claimed it first put together a team of more than 40 bankers in the Boston, New York, and San Francisco Bay Areas.
An estimated $20 billion impact to a government-run insurance fund resulted from U.S. regulators' decision to backstop a transaction for regional lender First Citizens BancShares to purchase bankrupt Silicon Valley Bank last month.
Sunita Patel, who will manage investor coverage and business development for the technology and healthcare markets, Katherine Andersen, who will head life sciences and healthcare, and Melissa Stepanis, who will manage technology are among the additional additions, according to HSBC.
The bank's US commercial banking division will house the new banking practice, according to HSBC.
Last month, HSBC purchased Silicon Valley Bank's UK division for a symbolic one pound, saving a crucial British lender for technological start-ups.