In support of the dynamic markets it serves, Silicon Valley Bank added key foundational components to its international banking capabilities:
- Strengthened its global services platform with the addition of global treasury solutions, including multi-currency accounts, international operating accounts, online foreign exchange trading services and global account reporting through a single interface
- Became the premier U.S.-based, technology-focused member of the IBOS Association, the preeminent international banking alliance for corporate cash management. Through this alliance, SVB delivers in-market banking services to clients through 16 leading banks in Europe and can leverage similar relationships with IBOS' partners in North America and Latin America (www.ibosassociation.com)
- Joined Standard Chartered Bank's Asia Gateway Program to deliver in-market banking services in Asia (www.standardchartered.com)
- Bolstered its robust international lending capabilities, setting the record in 2003 as the leader among all domestic U.S. banks in volume and value providing Export-Import Bank working capital guaranteed loans (see related news, "Silicon Valley Bank Breaks Export-Import Bank Record; Helps Clients Expand and Export Globally," 4/12/04)
"More than in any other industry, technology companies require the ability to do business globally early in their life cycles," said Ken Wilcox, president and CEO, Silicon Valley Bank. "Twelve years ago, SVB began building our international capabilities to help entrepreneurs succeed domestically. Today, our international focus will allow us to scale with our enterprising clients' and private equity partners' needs, and to act as a gateway to financial services in critical foreign markets."
Unique in the financial services industry and true to its client-focused model, SVB's international expansion will offer clients localized service internationally through a single point of contact domestically. In addition, SVB will create customized products and creative solutions, as it does in the U.S., to serve the unique needs of its clients.
"When we began expanding our on-line commerce operations into Europe we did not have many options when it came to establishing a financial presence," said Chris Heidelberger, president, ChannelWave, Inc. "Most small banks don't offer a complete range of international financial products and large global banks don't typically serve mid-market companies, like ours. SVB fills that void and provides the tools we need to establish and manage our financial operations on a global basis. Silicon Valley Bank is an invaluable strategic partner and business advisor to ChannelWave in the U.S. and abroad."
The enhancements provide SVB clients with a comprehensive set of tools, services and local advisors to help them grow their businesses and successfully manage their financial activities in over 60 countries throughout Europe, Asia and Latin America. With the advent of more stringent Know Your Customer regulations, Silicon Valley Bank's improved global services and formalized international relationships are critical to its clients' ability to open accounts and conduct business globally.
About Silicon Valley Bank
Silicon Valley Bank provides diversified financial services to emerging growth and mature companies in the technology, life sciences and private equity markets, as well as the premium wine industry. 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 more than 9,500 clients across the country through 26 regional offices. More information on the company can be found at www.svb.com.