HSBC has employed greater than 40 funding bankers who used to work at Silicon Valley Financial institution, the most recent transfer by the British lender to scoop up components of the failed tech-focused financial institution.

A month after HSBC acquired SVB’s UK subsidiary for £1, the financial institution is now hiring a number of dozen of its US bankers from First Residents, which purchased a lot of SVB in an public sale dealt with by the Federal Deposit Insurance coverage Company.

The group of ex-SVB bankers will set up a brand new banking apply catering to tech and healthcare corporations, in addition to enterprise capital funds, HSBC mentioned in an announcement on Tuesday.

Learn extra about HSBC’s hiring of SVB employees right here.