HSBC Innovation Banking has poached Citi star Emily Turner as its new CEO as the lender at the centre of Britain’s tech ecosystem marks a new chapter in its growth.

Turner departs her role at Citi as Head of Business Development, ending a 13-year career at the top US bank. Over the past decade, Emily established and built-up Citi Ventures UK, led Citi’s Global Institutional Strategic Investing group, and developed multiple early-stage companies as part of Citi’s internal incubator.

She replaces Erin Platts, who steered the London-based bank through a turbulent period in its former incarnation of Silicon Valley Bank UK amid the collapse of its US parent, culminating in a rescue deal with HSBC last year.

Turner will take up the role in February 2025, subject to regulatory approval. Veteran Simon Bumfrey will assume the role of interim CEO until then.

Turner said: “I’m excited to be joining HSBC Innovation Banking and to help build on its success to date.

“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. 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.”

The appointment comes amid a period of accelerated growth for HSBC Innovation Banking, as it reestablishes itself as a key player in supporting the growth of the UK tech sector, as well as charts a course for international expansion under the HSBC aegis.

In its most recent accounts, HSBC subsidiary, which unveiled a name change from SVB UK at London Tech Week last year, posted a 56% jump in net operating income to £230m for the year to end December, thanks in part to rising interest rates, while the bank’s portfolio of loans to customers grew 9% to £6.3bn.

Stuart Tait, Head of Commercial Banking, 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.

“Across HSBC, we support 80 percent of FTSE100 and FTSE250 tech companies in the UK, and we have a leading market share of the most innovative companies and investment funds both in the UK and across the Nordics.”

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