Clearbank appoints former SVB Europe risk head as UK chief executive

Clearbank has named Emma Hagan, formerly chief risk officer of Silicon Valley Bank Europe, as its new UK chief executive.

The fintech clearing bank said the newly established role was a “vital step” in its plans to expand across Europe, North America and other regions.

Hagan joined Clearbank as its chief risk and compliance officer in 2020 after serving as chief risk officer for SVB’s European arm in 2017.

She initially joined SVB in 2010, previously working at Lloyds Bank and HBOS.

SVB’s collapse last March was the third-largest US bank failure ever by assets and partly sparked a regional banking crisis that saw the government race to prevent global contagion.

Waves of its clients, mainly tech start-ups, withdrew their money over concerns about the bank’s liquidity after it sold its Treasury bonds at a major loss.

Clearbank reported a 20 per cent spike in deposit in-flows immediately after SVB’s collapse, taking its total deposits to £3.7bn. It held £5.4bn as of last September.

“Emma brings with her a wealth of experience and deep knowledge about our business and the space we operate in, having already contributed immensely to our success in her role as CRCO,” said Clearbank chief executive Charles McManus.

Hagan commented: “Clearbank continues to go from strength to strength, buoyed by our unique combination of fully licensed banking services, next-generation technology platform and innovative business model.”