SANTA CLARA, Calif. – April 21, 2011 – SVB Financial Group (SVB), the parent company of Silicon Valley Bank and financial services partner to technology and life science companies worldwide, hosted a delegation from Shanghai led by its Vice Mayor Guangshao Tu to discuss SVB’s plans to replicate its mission - to help entrepreneurs succeed - in China.
As part of the meeting at SVB’s California headquarters, Silicon Valley Bank Chairman Ken Wilcox and Shanghai Pudong Development Bank President Jianhua Fu co-signed a Memorandum of Understanding to affirm their strategic partnership and cooperation, as a sign of continued progress and support toward the establishment of a joint venture.
“China has so many small and medium sized technology enterprises, but unfortunately there is no financing provider that shares Silicon Valley Bank's unique expertise, best practices and experiences in working with innovation companies,” said Shanghai Vice Mayor Guangshao Tu. “It’s a blessing to have Shanghai Pudong Development Bank partner with Silicon Valley Bank in this joint venture to help support Chinese entrepreneurs and fuel China's innovation economy.”
SVB and Shanghai Pudong Development Bank agreed to form a joint venture bank in China in December 2010. The joint venture bank application is subject to approval by regulators in the U.S. and China. As of April 21, 2011, SVB’s Ken Wilcox transitioned from the CEO role into the role of Chairman of Silicon Valley Bank. He will be moving to Shanghai to focus on establishing the joint venture bank and on SVB’s expansion in China.
“We aspire to help make entrepreneurs successful, no matter where they are in the world. We are particularly inspired by the vast number of technologists and innovators we meet in China,” said Ken Wilcox, Chairman of Silicon Valley Bank. “Together with the Shanghai government and Shanghai Pudong Development Bank as our strategic partners we have developed strong cooperative relationships that will serve the needs of China’s growing innovation companies. We look forward to bringing our expertise to the table and collaborating with our public and private partners to tailor our services for the Chinese market.”
About SVB Financial Group For nearly 30 years, SVB Financial Group and its subsidiaries, including Silicon Valley Bank, have been dedicated to helping entrepreneurs succeed. SVB Financial Group is a financial holding company that serves companies in the technology, life science, venture capital/private equity and premium wine industries. Offering diversified financial services through Silicon Valley Bank, SVB Analytics, SVB Capital and SVB Global, SVB Financial Group provides clients with commercial, investment, international and private banking services. SVB also offers funds management, broker-dealer services and asset management, as well as the added value of its knowledge and networks worldwide. Headquartered in Santa Clara, California, SVB Financial Group operates through 26 offices in the U.S. as well as through international offices in China, India, Israel and the United Kingdom. More information can be found at www.svb.com.
Mr. Wilcox and Mr. Fu of Shanghai Pudong Development Bank sign the Memo of Understanding
Mr. Wilcox, Mr. Hart, SVB Chairman of the Board, and Shanghai Vice Mayor Mr. Tu
Banking services are provided by Silicon Valley Bank, the California bank subsidiary and commercial banking operation of SVB Financial Group, and a member of the FDIC and the Federal Reserve. SVB Financial Group is also a member of the Federal Reserve.