BENGALURU: HSBC is set to announce next month that the UK arm of Silicon Valley Bank will be renamed HSBC Innovation Banking, Sky News reported on Monday.

The British government and the Bank of England facilitated a private sale of SVB UK to HSBC in March, in a move which would protect deposits without taxpayer support.

Startup-focused lender SVB Financial Group became the largest bank to fail since the 2008 financial crisis. Its sudden collapse in March roiled global markets and left billions of dollars belonging to companies and investors stranded.

SVB is undergoing bankruptcy proceedings after California’s regulators shuttered Silicon Valley Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

The regulators then agreed to backstop a deal for regional lender First Citizens BancShares to acquire Silicon Valley Bank.

HSBC declined to comment on the Sky report when contacted by Reuters.