Silicon Valley Business Journal: By Cromwell Schubarth – HSBC Holdings plc on Tuesday said it has hired dozens of bankers from Silicon Valley Bank, including the executive who led its technology and healthcare banking segment.
The U.S. unit of the British banking giant (NYSE: HSBC) said that former SVB exec David Sabow will lead a new team that includes more than 40 bankers in the Bay Area, Boston and New York City. HSBC said the hirings will help it establish a dedicated banking practice that will serve technology and healthcare companies, as well as investors who support them.
HSBC also recently bought the UK operations of Silicon Valley Bank for a symbolic sum of 1 pound after a run on the Santa Clara-based bank forced it into receivership.
Before SVB failed, Sabow led its tech and healthcare business banking unit, as well as its business development team that focused on the venture capital industry. He started out as a managing director in the Bay Area in 2012, moved to Boston to head SVB’s life science banking unit for more than five years and then came back to the Bay Area in 2019 to take the top tech and healthcare banking job.
“I could not be more excited to join HSBC as they channel the full strength of their platform toward the innovation economy,” Sabow said in Tuesday’s announcement. “HSBC’s focus on both clients and culture is truly unique for an institution of their size, and we are looking forward to creating something special as the market prepares for its next phase of growth.”
Other top SVB execs joining Sabow include Sunita Patel, who was chief business development officer; Katherine Andersen, who was head of U.S. life science and healthcare; and Melissa Stepanis, who was head of the bank’s national technology credit solutions organization.
Top Feature Photo: J JENNINGS MOSS/SILICON VALLEY BUSINESS JOURNAL
