Silicon Valley Bank Becomes Business Credit Card Issuer
Company News | April 28, 2009
"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.
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