SVB Financial Group Encourages Improvements to U.S.Stock Markets to Spur Economic Growth
Company news | November 9, 2009
SANTA CLARA, Calif. — November 9, 2009 — SVB Financial Group (SVB), the parent company of Silicon Valley Bank and financial partner to technology companies and venture capitalists worldwide, announced its public support today for changes to be made to the U.S. stock market in order to encourage more publicly listed companies in the U.S. According to a paper release today by Grant Thornton LLP, "A Wake-up Call for America," market structure problems are undermining America's global competitiveness, threatening the U.S. job market and inhibiting economic recovery.
The following statement was made by Ken Wilcox, CEO of SVB Financial Group and Silicon Valley Bank:
"We strongly support Grant Thornton in its call to action to make changes and improvements to market structures that have been severely impacting economic conditions. Providing the right regulatory environment and market structure are of critical importance for a continued, robust innovation economy in the U.S. More importantly, the issues this study addresses are getting at the underlying issues that will support the future growth of the total U.S. economy.
As a company dedicated to formation and growth of innovative technology and life science companies, we are prepared to devote the necessary resources to support the recommendations made by Grant Thornton. We encourage our colleagues to familiarize themselves with this data and join us as we urge our government officials to pursue solutions that will promote more effective market structures, rather than inhibit the formation of listed companies in the U.S. and therefore impact job and economic growth."
A full copy of the Grant Thornton study is available at www.gt.com/wakeupcall. More information will also be available soon regarding a new 501 (c) 6 organization, which will be called "Coalition for the Reformation of Listings and Markets." SVB Financial Group and its subsidiaries, including Silicon Valley Bank, are dedicated to helping entrepreneurs succeed. SVB Financial Group is a financial holding company that serves companies in the technology, life science, venture capital/private equity and premium wine industries. Offering diversified financial services through Silicon Valley Bank, SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services, SVB Financial Group provides clients with commercial, investment, international and private banking services. The company also offers funds management, broker-dealer transactions and asset management, as well as the added value of its knowledge and networks worldwide. Headquartered in Santa Clara, Calif., SVB Financial Group (Nasdaq: SIVB) operates through 27 offices in the U.S. and international operations in China, India, Israel and the United Kingdom. More information on the company can be found at www.svb.com.
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