silicon valley bank. arjun joins us with a special guest. >> reporter: joumanna, let's dig in and find out why hsbc bought silicon valley bank uk and the plansnoel quinn. noel, there are questions swirling why hsbc did go out and buy silicon valley bank uk what was the decision behind that >> hsbc has been an entrepreneur since the day it was founded hsbc silicon valley bank was part of the technology sector. it was an opportunity that came along and it was unfortunate, but fortunate. we put the call in on sunday morning and were pleased to buy p m monday morning >> reporter: you set up in u.s. and israel and hong kong can you give us the purpose of the teams? >> we bought a team with 620 people the business was a good business of the it did not have the same challenges i wanted to take that business model and take it to the others. we recruited in the u.s. and israel and hong kong if i see the opportunity in other markets, i'll do that. i want to offer a specialist that silicon valley bank had and the strength of hsbc and the global reach to help the startups and fast growth companies and help go global. >> you are looking to expand >> yes

. >>> arjun spoke to the hsb hsbu uk ceo and began by asking about the future of sbuek. >> silicon valley bank'll have to change the name, but we're going to keep it within our ringfenced bank. that's roy we've got to do that's really, really important and i hope that gives the customers the confidence customers will never have to go outside of that network to meet all of the funding requirements. the plus side is you'll get all of the extra hsbc products and support as well, and that will make it much more attractive for customers, and from there the plan is we take it global, and when i say the plan then, it's not a long-term plan we want to be global very, very quickly, set upping up infrastructure in the u.s., the uk, israel, middle east, and asia so it's a really comprehensive plan, and really what the acquisition has done is accelerated plans by probably four to five years am lot of excitement to come, and we're going to preserve what we've got. >> just to be clear, the svb uk combined will be able to come bible startups from the small checks to the big ones this. is not just a uk focuse

silicon valley bank. so today i am proud to announce the launch of hsbc innovation banking, the most significant global tech bank, combined with hsbc�*s firepower and headquartered here in the uk, underthe to bring together its entire ai division, under the leadership of a brit at google the mind. and if our goal is to make this country the best place in the world for tech, ai is surely one of the greatest opportunities before us. as chancellor, i doubled the number of ai scholarships, because even back then i recognise the potential of ai as a general purpose technology. with most things in life, the more you learn about them, the less magical they appear. but the more we learn about frontier technologies like ai, the more they widen our horizons. already, we have seen ai helped the paralysed to walk and discover super bug killing antibiotics. and that is just the beginning. combined with a computational power of quantum, we could be on the precipice of discovering cures for diseases like cancer and dementia, or ways to grow crops that could feed the entire world. the possibilities are extraordinary. but we must and we will do it safely. i know people are concerned. the very