London Daily

Focus on the big picture.
Thursday, Jul 10, 2025

HSBC to unveil shake-up of Silicon Valley Bank UK board

HSBC to unveil shake-up of Silicon Valley Bank UK board

Two of HSBC's top executives and one of the independent directors of its UK bank will join the board of Silicon Valley Bank UK, two months after buying it for £1.
HSBC is shaking up its new subsidiary, Silicon Valley Bank UK (SVBUK), by appointing a trio of senior figures as directors, two months after acquiring the US-owned lender in a £1 rescue deal.

Sky News has learnt that HSBC will announce on Tuesday that John Hinshaw, group chief operating officer; Stuart Tait, head of UK commercial banking; and Mridul Hegde, an independent director of HSBC's UK bank are joining the SVBUK board.

People close to the company said that Vin Murria, a technology entrepreneur, would be stepping down as an SVBUK director as part of the changes.

No imminent changes to SVBUK's executive leadership are planned, they added.

SVBUK's independent chairman Darren Pope is also expected to remain in place, at least for the time being.

The boardroom overhaul comes two months after HSBC swooped to buy the British arm of California-based Silicon Valley Bank in an emergency deal orchestrated by the Bank of England.

One insider said the new appointments represented a natural evolution under HSBC's ownership.

It also plans to rename SVBUK with a decision being announced as soon as London Tech Week next month.

In the US, SVB was taken into temporary public ownership after a run on the bank triggered by a crisis of confidence among depositors.

It was subsequently sold to First Citizens Bancshares, a regional US lender.

Sky News revealed in March that HSBC had signed off on the payment of just under £20m in bonuses to SVBUK staff.

One insider said at the time that the bonus payments were a signal of HSBC's confidence in the talent base at its new subsidiary and that it had been keen to honour previously agreed payments in order to help retain key staff.

Employing about 700 people in Britain, SVBUK is a profitable business but was brought to the brink of collapse by the travails of its American parent company.

An emergency auction in which Rishi Sunak, the prime minister, played a pivotal role had also drawn interest from challenger banks including OakNorth and The Bank of London.

Jeremy Hunt, the chancellor, said the rescue had been critical to preserving funding to some of the UK's most promising start-up companies.

"The UK's tech sector is genuinely world-leading and of huge importance to the British economy, supporting hundreds of thousands of jobs," he said.

The government had been lobbied intensively to intervene by hundreds of tech entrepreneurs about the parlous state of SVBUK.

They warned of "an existential threat to the UK tech sector", adding: "The Bank of England's assessment that SVB going into administration would have limited impact on the UK economy displays a dangerous lack of understanding of the sector and the role it plays in the wider economy, both today and in the future."

HSBC declined to comment.
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×