Silicon Valley Bank Expands in China
Company News | September 1, 2009
"Our long-term commitment to Chinese entrepreneurs, technology, life science and venture capital firms is to offer the same expertise, connections and banking services we provide to our clients in the U.S.," said Ken Wilcox, CEO of SVB Financial Group and Silicon Valley Bank. "Together with the Yangpu District Government and many others, we are working on several ground-breaking initiatives that will help build the infrastructure for a vibrant innovation economy in China."
The addition of a representative office in Shanghai is Silicon Valley Bank's next step toward building a banking platform focused on technology and life science companies in China.
SVB Financial Group, the parent company of Silicon Valley Bank, has been expanding in global markets for many years and has a variety of business development, consulting and financial operations in China, India, Israel and the UK, all of which are important markets for the technology, life science and venture capital industries it serves. Silicon Valley Bank is widely recognized for its ability to develop innovative approaches to meet the unique financial needs of its clients.
"Silicon Valley Bank has more than 26 years of experience helping entrepreneurs and emerging, dynamic technology start-ups grow into successful companies, and we want to share that in China," said Mike Yahng, the chief representative of the Silicon Valley Bank Shanghai Representative Office. "Our expertise is banking innovative companies, and this representative office gets us one step closer to our goal of offering financing solutions for China's innovative technology and life science companies."
Silicon Valley Bank's new Shanghai representative office will give Chinese technology companies an outlet to meet and learn about Silicon Valley Bank, however it is not a bank branch and will not provide banking services. Through the representative office, Silicon Valley Bank will facilitate information flow to and from Silicon Valley Bank in the U.S. and help introduce Silicon Valley Bank to the Chinese entrepreneurial and technology communities.
SVB Financial Group began engaging with venture capitalists and technology companies across Asia in the 1990s. In 2005, the company opened SVB Business Partners Shanghai to create a gateway between Shanghai and Silicon Valley for its clients and partners. Having successfully established a consulting beachhead, SVB has been focusing on building strategic alliances with local partners and the Chinese government, especially in the technology and life sciences sectors.
About Silicon Valley Bank
Silicon Valley Bank is the premier commercial bank for companies in the technology, life science, venture capital 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 Shanghai Representative Office will conduct liaison activities for Silicon Valley Bank pursuant to the regulations and guidelines of the CBRC.
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 Financial Group is also a member of the Federal Reserve System. SVB Business Partners (Shanghai) Co. Ltd. is a subsidiary of SVB Financial Group. Neither SVB Business Partners (Shanghai) Co. Ltd nor SVB Financial Group is licensed to conduct banking business in China and neither entity engages in unlicensed banking activities. SVB Business Partners (Shanghai) Co. Ltd. does not provide lending, deposit or investment advisory services. All international activity is subject to local rules and regulations.
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