Banking giant HSBC brings on board a veteran from Citigroup to head its newly acquired Silicon Valley Bank unit.
HSBC has announced that Emily Turner, a seasoned banking professional with over a decade of experience at Citi, will be taking the helm of its Innovation Banking UK unit as CEO. The news was met with excitement and confidence from within the industry, with Erin Platts, a former technology banking leader at HSBC, expressing her support for Turner's appointment.
Turner, who most recently served as head of business development at Citi, has a rich background in the banking sector. Prior to her stint at Citi, she worked at UBS, ABN Amro, Merrill Lynch, and consulting firm McKinsey. Her tenure at Citi also included developing several early-stage companies as part of the bank's internal incubator.
Turner's arrival at HSBC Innovation Banking UK comes at a crucial juncture in the unit's growth journey. The Innovation Banking UK unit was birthed from the U.K. arm of Silicon Valley Bank, which HSBC acquired for £1 after SVB collapsed in 2023. Since then, the unit has been growing steadily, serving as a key vehicle for HSBC to engage with startups and scale-ups, providing specialized banking services tailored to innovative companies.
As CEO, Turner will play a central role in driving the growth of HSBC Innovation Banking UK, overseeing its strategic development and market expansion within the innovation and technology financing sector. Her leadership is expected to strengthen HSBC's engagement with innovative businesses, a role she described as a "business and team I have held in high esteem for many years."
While specific details about Turner's future plans for HSBC Innovation Banking UK are not yet available, the appointment of Jim Cowles as a Non-Executive Director on the board of HSBC Innovation Banking UK and Turner's expressed enthusiasm about these leadership developments suggest a focus on strengthening governance and expanding the unit’s impact in the innovation banking space.
Erin Platts, who led HSBC's technology banking unit for approximately one and a half years, will continue to support HSBC as a special adviser after stepping down from her role. Simon Bumfrey, a former SVB UK executive and interim CEO of HSBC Innovation Banking since October, will resume his role as technology and life sciences head at the innovation banking arm.
Turner expressed her gratitude to her colleagues at Citi and called her new role at HSBC Innovation Banking UK an "exciting opportunity." She is set to join HSBC Innovation Banking UK as the new CEO next year, taking the helm from Platts in February.
[1] Source: Financial Times, LinkedIn posts by Erin Platts and Emily Turner.
Emily Turner's appointment as CEO of HSBC Innovation Banking UK signifies a significant shift in the technology financing sector, as her rich background in business and finance at prominent institutions like UBS, ABN Amro, Merrill Lynch, McKinsey, and Citi will undoubtedly bring innovation and expertise to the table.
With the focus on strengthening governance and expanding the unit’s impact in the innovation banking space, Jim Cowles joining as a Non-Executive Director on the board of HSBC Innovation Banking UK, along with Turner's expressed enthusiasm, indicates a promising future for this critical business unit within HSBC.
