HSBC has poached Citigroup veteran Emily Turner to be chief executive of its Innovation Banking arm, formerly known as Silicon Valley Bank UK.
Turner is due to join the bank in February, subject to regulatory approval, succeeding Erin Platts – who will join investment firm Octopus Ventures in the new year.
A 13-year veteran of the Wall Street giant, Turner is currently a managing director and head of business development at Citi’s client organisation, a unit created last year to service some of its top customers. She previously led Citi’s global institutional strategic investing group.
Turner also established its upstart-focused Citi Ventures UK division. HSBC touted her “extensive experience of driving growth within the innovation ecosystem, both as an investor and as an operator”.
The collapse of SVB in March 2023 and subsequent US regional banking crisis shook the British start-up industry and triggered a government-led rescue effort to find a lifeline for the firm over a single weekend.
SVB UK’s rescue and its transition to HSBC Innovation Banking last June was a commercially shrewd move by HSBC. The bank reported a gain of $1.6bn on the deal after buying the business for a solitary £1.
Emily Turner
“HSBC Innovation Banking has quickly established itself as a go-to partner for the innovation ecosystem with a track record of supporting founders, companies and investors at all life stages,” Turner said on Thursday.
“I’ve been hugely impressed by the team’s client-centric approach and look forward to working with them to take it to the next level.”
Stuart Tait, head of commercial banking at HSBC UK, said: “HSBC Innovation Banking is a key part of our growth strategy and I’m looking forward to working with Emily as she leads this business through its next stage of growth.”
HSBC Innovation Banking provides commercial banking and other services to nearly 3,700 clients across sectors from technology, life science and healthcare to private equity and venture capital. It has more than 700 employees in the UK.
Simon Bumfrey, who took over as interim chief executive in October, is due to resume his role as head of technology and life sciences following Turner’s appointment.