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Calling it a "milestone in its global growth," Silicon Valley Bank announced late Thursday that it has received permission from British banking authorities to open a full-service banking office in London.
April 27 -
Silicon Valley Bank said Thursday that it has received a key approval from a Chinese regulator to establish a joint venture bank in Shanghai.
October 20 -
The $17.5 billion-asset company's expertise with technology companies has fueled its growth in Asia, Europe, Israel and India. Next month it will make a big move into China, sending Ken Wilcox, its chief executive, to Shanghai to create a banking joint venture.
April 19
SVB Financial Group said that its Silicon Valley Bank has opened its first full-service branch in London.
The Santa Clara, Calif., company said late Sunday that it had become the first U.S. bank to open a commercial banking branch in the United Kingdom in several years. SVB already had offices in the United Kingdom, Israel, India and China but they are not full-service branches. The bank received British regulatory
Unlike most community banks, the $21 billion-asset SVB has a global reach primarily because of it caters to technology, life sciences, cleantech, private equity and venture capital industries. The company also lends to wineries.
The branch opening "in London signals a significant step in the evolution of the technology sector in the UK at a time when there is strong government support for a thriving community of local innovation businesses," Greg Becker, SVB's president and chief executive, said in a press release. "Our clients are doing remarkable things. We are excited to be a part of their success and thrilled to be open for business in the UK."
Silicon Valley Bank's customers include widely known brands like Cisco, Mindspeed, Mozilla and Pinterest. The bank says that more than half of all venture capital-backed technology and life science companies in the nation work with them.
"SVB understands our business and clearly wants us to succeed as much we do," Keith Lovell, the chief financial officer at SVB client Shazam, said in the release. "They are a true partner, offering flexible financing solutions, great networking opportunities, excellent and personable client service and an in-depth knowledge of the global innovation ecosystem."
SVB also has a deal to start
