Saudi Press

Saudi Arabia and the world
Friday, Aug 08, 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

Saudi Press
0:00
0:00
Close
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
×