HSBC targets Aussie tech as corporate banking arm expands
HSBC is growing its Australian corporate banking arm by backing high-growth tech firms and linking them with its global Innovation Banking network.
HSBC’s Australian corporate bank is expanding its business with tech companies, connecting them to its Innovation Banking business, which focuses on startups progressing from seed to Series A.
Speaking to Capital Brief, HSBC’s head of corporate and institutional banking in Australia and New Zealand, Steve Hughes, said that while smaller commercial business banking is highly competitive, HSBC holds a unique position as the largest global bank operating in Australia.
“On the corporate side, we’re dealing with companies with $100 million turnover and up, providing a lot of debt financing on balance sheet or arranging financing in debt capital markets,” Hughes said.
“Where we are active with smaller companies is the tech sector space where we’ve got companies that are very fast growing. We're certainly banking them globally and we link those companies with our innovation bank.”
