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A new banking practice at HSBC will target tech and healthcare companies, as well as venture capital funds © Reuters

HSBC has hired more than 40 investment bankers who used to work at Silicon Valley Bank, the latest move by the British lender to scoop up parts of the failed tech-focused bank.

A month after HSBC acquired SVB’s UK subsidiary for £1, the bank is now hiring several dozen of its US bankers from First Citizens, which bought much of SVB in an auction handled by the Federal Deposit Insurance Corporation.

The group of ex-SVB bankers will establish a new banking practice catering to tech and healthcare companies, as well as venture capital funds, HSBC said in a statement on Tuesday.

Read more about HSBC here.

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