- HSBC acquired Silicon Valley Bank’s UK operations for £1 in March 2023, marking a significant move in its strategy.
- Following the acquisition, HSBC launched its Innovation Banking unit, expanding into markets like Singapore in October 2025.
- The bank has successfully onboarded approximately 1,000 new-economy firms in Asia since the unit's launch.
- The House Financial Services Committee has proposed a legislative package aimed at reforming deposit insurance, including a new version of the Main Street Depositor Protection Act.
- This revised proposal has been adjusted from an earlier version, lowering the deposit insurance limit for noninterest bearing business accounts from $20 million to a maximum of $5 million.
- Bipartisan support for the reforms has emerged following the failure of Silicon Valley Bank, with potential momentum for the measures continuing through Congress.
