SANTA CLARA, Calif. and MUMBAI, India, August 18, 2008 - SVB Financial Group (Nasdaq: SIVB), the parent company of Silicon Valley Bank and financial partner to venture capital-backed technology companies worldwide, announced the opening of a non-bank venture lending operation in India today. Through SVB India Finance Pvt. Ltd. the company now provides debt capital to domestic, venture-backed, early and mid-stage, high growth companies in India.
"Lending to venture-backed, fast growing companies is what we do best," said Ken Wilcox, president and CEO of SVB Financial Group. "We've been successful in this business for 25 years and our global strategy is extending our expertise to help entrepreneurs succeed worldwide."
As part of its global initiative, SVB opened offices in Bangalore in 2004 and Mumbai in 2007 after years of relationship development in India. The new venture lending operation complements SVB's India-focused co-investment fund, SVB India Capital Partners, and its cross-border consulting arm, SVB India Advisors Pvt. Ltd.
"The entrepreneurial environment in India is vibrant," said Ash Lilani, president, India and China, SVB Financial Group. "Entrepreneurs with high quality ideas are abundant and the number of venture capital firms focused on domestic Indian companies has grown remarkably. This combination has created a need for a lender that understands emerging and high growth companies. We are excited about the opportunity and have brought together an experienced team."
Managing Director Ajay Hattangdi, who is a banking and venture lending veteran in India, will manage lending operations for SVB India Finance and Ash Lilani will serve as the firm's CEO. Hattangdi joined SVB from Citigroup where he founded and managed its venture debt operation in India and led investments in several early and growth-stage, venture-backed technology and life science companies. Hattangdi was also the head of strategy for Citigroup's corporate and investment bank in India.
In addition to its work in the U.S. and India, SVB Financial Group serves dynamic companies of all sizes in China, Israel and the UK through its local operations. Learn more about SVB's global activity.
SVB India Finance Pvt. Ltd. is a wholly-owned subsidiary of SVB Financial Group. It is licensed by the Reserve Bank of India as a non bank financial company and will lend growth capital to domestic Indian, venture capital- and private equity-backed companies.
About SVB Financial Group
For 25 years, SVB Financial Group and its subsidiaries, including Silicon Valley Bank, have been dedicated to helping entrepreneurs succeed. SVB Financial Group is a financial holding company that serves companies in the technology, life science, 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. Through its affiliated companies, SVB also offers funds management, broker-dealer transactions, asset management and a full range of services for private equity companies, as well as the added value of its knowledge and networks worldwide. Headquartered in Santa Clara, Calif., SVB Financial Group operates through 27 offices in the U.S. and five internationally. More information on the company can be found at www.svb.com.
SVB India Finance Private Limited is a non-banking financial company registered with, and regulated by, the Reserve Bank of India under Section 45-IA of the Reserve Bank of India Act, 1934. It is not authorized to, and does not, accept public deposits.