As we enter the fall season and the pandemic continues to disrupt many lives, I want to thank you for choosing SVB as your partner.
The past 18 months have reinforced for us how connected our lives are and how, by working together, we can have a bigger impact addressing challenges in our own companies and beyond.
We are proud of our many clients who are making contributions in technology, communications, medicine and healthcare delivery, among other sectors, to help the world manage through the pandemic; and, in doing so, are creating jobs to speed economic recovery.
Supporting the innovation economy is not just one of our business lines; it is core to what we do; it drives our employees and our decisions. Our clients’ achievements inspire and motivate us. We want to be there for you through all the defining moments in your business and personal financial journeys.
To that end, I want to make you aware that we are building an expanded SVB platform to better serve you, offering new ways to leverage our products, connections, networks and resources through commercial banking, investment banking, private banking & wealth management, and SVB Capital’s funds and debt platform. We have the experience and capabilities to serve the investors, highest growth businesses and enterprises that are reshaping the world.
In the last few months, we have built on SVB Leerink’s success in the life science arena to extend our investment banking capabilities to healthcare services and technology sectors including software, information technology and information services, with plans to add equity capital markets and fintech specialists. SVB now has the leading investment bank in the industry that is focused exclusively on healthcare and technology, and this gives us new abilities to serve growing businesses as their needs evolve.
We closed SVB’s biggest acquisition ever in July; Boston Private is now part of SVB Private Bank & Wealth Management, and we will soon be unveiling a full private banking and wealth platform to support our clients at every step of their personal journeys.
This summer, we entered into a joint venture with Nasdaq and a consortium of leading investment banks to build Nasdaq Private Market to provide our clients with more liquidity options and broader investment opportunities.
We also continue to grow our footprint to better serve the innovation economy. While SVB has worked with companies in Florida for more than 20 years, we recently opened our first physical commercial banking office in Miami that will also serve companies and investors throughout Latin America. SVB Leerink recently expanded into Nashville as well. Our geographic expansion is continuing in innovation hubs around the world and we’ll be making additional announcements about new SVB locations soon.
Importantly, we have new investments in our communities too. As we grow, we are prioritizing more opportunities to contribute to a more prosperous and fulfilling future for everyone. Our goals include increasing access to educational and economic opportunity in the innovation sector; providing support for small-business and entrepreneurial success; responding to climate change; and investing in vital community needs, notably affordable housing.
We announced last year that we would contribute to charity an estimated $20 million in net fees we collected facilitating the SBA’s Paycheck Protection Program. To date, we have donated approximately half of those funds across the regions globally where we have offices to pandemic relief; community economic development; a new, full-ride university scholarship program; and diversity, equity and inclusion efforts. In conjunction with the acquisition of Boston Private, we also made a five-year, $11.2 billion commitment to provide financial support to low- and middle-income communities in California and Massachusetts, focused on small-business loans, residential mortgages, affordable housing financing and charitable contributions.
We have significantly increased investments this year in our flagship Access to Innovation program to expand access to career opportunities, information, networks and capital for women and Black and Latinx individuals. One of the most critical challenges for the fast-growing companies we work with is accessing talent. To help, we have identified several programs and partners, including those supported by SVB investments, that can connect companies to a talented and diverse pool of candidates. If you are hiring, you may want to consider these opportunities to source talent. In addition, SVB is hosting an event you may be interested in registering to attend virtually called Step Forward on October 19. Speakers will explore ways to open up opportunities for all in the innovation ecosystem.
I also want to invite you to join (virtually) our annual Tech Gives Back week (October 4 - 15) of community service and fundraising, which brings together SVB employees, clients and partners to benefit a diverse collection of charities and community groups. Some of the virtual volunteer activities are still open, as are opportunities to donate with a 3:1 match from SVB, and it is a great way to get involved, meet new people, and build networks while helping vital causes.
As I think about the remainder of this year, I am reflecting on how challenging times have brought out the best in so many people, among them, SVB’s partners and employees who have remained committed to supporting our clients in extraordinary ways throughout the pandemic.
We are inspired by our visionary clients doing amazing things every day to make our world better, and the opportunities our collective successes afford us all to reinvest in others. Our goal is to support you in the best ways we know how, during and beyond this pandemic. I encourage you to share your thoughts with us about how we can add value to your relationship with SVB. We will continue to let you know about our new initiatives designed to help you succeed.
SVB Financial Group and Silicon Valley Bank
Note Regarding Forward-Looking Statements
This letter may contain forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. We may use terms such as “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “predicts,” “intends,” “may,” “could,” “might,” “will,” “should” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to various important factors, risks and uncertainties that may cause actual events or results to differ materially from our current expectations. These and other risks are described in SVB Financial Group’s periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission and available at www.sec.gov. Any forward-looking statements made here are made as of the date of this letter. The Company assumes no obligation to update forward-looking statements.