SANTA CLARA, Calif. - April 28, 2009 - Silicon Valley Bank, the premier commercial bank for companies in the technology, life science, venture capital and premium wine industries, announced that it is now the issuer of business credit card products under the MasterCard brand. A longtime provider and guarantor of business credit cards, as part of a full suite of banking products for its commercial clients, Silicon Valley Bank has now assumed the role of issuer, allowing it to take more direct control over service and product expansion.
"We are dedicated to delivering the products and services our
clients need to help them succeed, particularly in today's
economic climate," said Greg Becker, president of Silicon Valley
Bank. "By issuing business credit cards ourselves we will be able
to expand on the product line and deliver the exceptional service
our clients have come to expect from SVB."
Silicon Valley Bank successfully transitioned clients to its new
business credit card platform, completing the conversion of over
7,000 card holders to the new SVB business credit cards. As an
issuer, Silicon Valley Bank can offer new card products, an
expanded rewards program, and more online reporting tools to
assist SVB clients with their cash management needs. In
particular, SVB clients will immediately benefit from the
MasterCard's SmartData reporting tool that enables integration
with numerous third party expense applications.
"Expanding our electronic payment solutions is extremely
important to our clients," said Lauri Moss, head of Deposits,
Investments and Cash Management Products for Silicon Valley Bank.
"Our new card products will provide our clients more electronic
payment alternatives, which have numerous advantages over more
costly paper disbursement products."
Silicon Valley Bank partnered with a leading credit card
provider, New England Bankcard Association, which will manage
SVB's commercial credit card processing services.
About Silicon Valley Bank
Silicon Valley Bank is the premier commercial bank for companies
in the technology, life science, venture capital/private equity
and premium wine industries. SVB provides a comprehensive suite
of financing solutions, treasury management, corporate investment
and international banking services to its clients worldwide.
Through its focus on specialized markets and extensive knowledge
of the people and business issues driving them, Silicon Valley
Bank provides a level of service and partnership that measurably
impacts its clients' success. Founded in 1983 and headquartered
in Santa Clara, Calif., the company serves clients around the
world through 27 U.S. offices and international operations in
China, India, Israel and the United Kingdom. Silicon Valley Bank
is a member of global financial services firm SVB Financial Group
(Nasdaq: SIVB), with SVB Analytics, SVB Capital, SVB Global and
SVB Private Client Services. More information on the company can
be found at www.svb.com.
Silicon Valley Bank is the California bank
subsidiary and the commercial banking operation of SVB Financial
Group. Banking services are provided by Silicon Valley Bank, a
member of the FDIC and the Federal Reserve System. SVB Private
Client Services is a division of Silicon Valley Bank. SVB
Financial Group is also a member of the Federal Reserve System.
Forward Looking Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are statements that are not historical
facts, such as expectations for our operations and business. In
this release, we make forward-looking statements about
management's expectations to expand our credit card product and
services and to introduce other electronic payment solutions.
Although management believes that the expectations reflected in
our forward-looking statements are reasonable and has based these
expectations on our beliefs and assumptions, such expectations
are not guarantees and may prove to be incorrect. Actual results
could differ significantly. Factors that may cause our
forward-looking statements herein to change include, among
others, continued deterioration or other changes in the state of
the economy or the markets in which we conduct business or are
served by us or changes in client and business needs. For
additional information, please refer to our public reports filed
with the U.S. Securities and Exchange Commission, including our
most recently-filed quarterly or annual report. The
forward-looking statements included in this release are made only
as of the date of this release. We do not intend, and undertake
no obligation, to update these forward-looking statements.