HSBC Innovation Banking has appointed Simon Bumfrey as its new interim CEO as it continues its search for a permanent replacement to outgoing chief Erin Platts.

Banking industry veteran Bumfrey, 60, has served as head of relationship banking at HSBC Innovation Banking for the past year and had worked at its previous incarnation, Silicon Valley Bank, since 2017 before the firm was rescued by HSBC in early 2023. He was previously a regional director at Lloyds Bank and a director of telecoms, media & technology at Bank of Ireland and Barclays.

He replaces Platts, who will continue to support HSBC as a special advisor after she leaves in December. Bumfrey will step into the role in November pending regulatory approval.

HSBC said: “Simon has over 25 years’ of experience working with technology and life science companies and investors across the innovation ecosystem. He has been instrumental in the growth of HSBC Innovation Banking having led the UK’s Relationship Banking Team for the past 6 years.

“Simon will continue our mission and drive our collective strategy forward as interim CEO with relentless focus on supporting our clients and investor partners.”

Bumfrey said: “I am both honoured and humbled to be given the opportunity to lead HSBC Innovation Banking UK alongside the support of a world class team.

“We have an exciting opportunity to build upon the fantastic business that we have, and its special culture, as Erin moves to her next opportunity. My ambition is to accelerate the growth of HSBC Innovation Banking UK and to be recognised as the preeminent financial partner for innovation founders, companies and investors at all life stages.”

Platts will join Octopus Ventures, one of the UK’s most active investors, in January 2025 as its new CEO.