Silicon Valley Bank's Joint Venture in China Receives License to Transact in Local Currency
Company news | July 14, 2015
SPD Silicon Valley Bank to Operate in RMB by Year End
SANTA CLARA, Calif. –– July 14, 2015 —Silicon Valley Bank's joint venture bank in China, SPD Silicon Valley Bank, has been granted approval by the China Bank Regulatory Commission (CBRC) to operate in renminbi (RMB), the official currency of the People's Republic of China. This license will allow SPD Silicon Valley Bank, a 50/50 joint venture between Silicon Valley Bank and Shanghai Pudong Development Bank, to provide banking products and services to its clients in local Chinese currency.
Of nearly 6,000 banks in the United States, there are fewer than a dozen American and British banks*, that have a license to operate in RMB. The license is a milestone in Silicon Valley Bank's global growth, supporting its strategy to help innovative companies and their investors succeed around the world.
SPD Silicon Valley Bank is expected to officially launch new RMB banking products, including deposit accounts and debt by the end of 2015.
More information about SPD Silicon Valley Bank is available at http://www.spd-svbank.com/en/index.html
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Forbes named SVB one of America's best banks (2015) and one of America's best-managed companies (2014).
Silicon Valley Bank is the California bank subsidiary and commercial banking operation of SVB Financial Group (Nasdaq: SIVB), and a member of the FDIC. Silicon Valley Bank and SVB Financial Group are members of the Federal Reserve System.
*Information from the China Bank Regulatory Commission.
Contacts:
Carrie Merritt
Silicon Valley Bank
503.574.3705
Claudia Zhang
SPD Silicon Valley Bank
+86.21.3596 3058