HSBC, the U.K. banking giant, has launched a new unit called HSBC Innovation Banking as part of its efforts to expand into the technology sector. This move follows the bank's acquisition of the U.K. subsidiary of Silicon Valley Bank earlier this year, which it purchased for £1 ($1.26) due to SVB's financial troubles. The U.K. government and the Bank of England facilitated the acquisition to protect deposits and maintain the country's status as a global tech capital. Despite criticism about HSBC's ability to support tech-focused startups and small businesses, HSBC UK CEO Ian Stuart emphasized that the bank would cover the entire funding process from seed funding to IPO. The newly launched Innovation Banking unit will combine SVB UK with teams from the U.S., Israel, and Hong Kong, specifically focusing on technology and life science enterprises.