MEDIA RELEASE PR41680
SVB Financial Group Opens Subsidiary in Beijing
BEIJING, and SANTA CLARA, Calif., Oct. 13 /PRNewswire-AsiaNet/ --
Subsidiary Provides Liason Services to SVB's Global Financial Services
SVB Financial Group (Nasdaq: SIVB), the parent company of Silicon Valley
Bank and financial partner to more than half of all venture capital-backed
technology companies in the United States, opened an international subsidiary
today in Beijing. SVB Business Partners (Beijing) Co., Ltd. offers technology
companies and venture capital investors with in-market client service
support; advisory services for arranging RMB loans with local banks; and
introductions to Silicon Valley Bank, its affiliate in the U.S., for venture
debt financing and offshore banking services.
"SVB Financial Group's mission has always been to help entrepreneurs
succeed, wherever they are in the world," said Ken Wilcox, CEO of SVB
Financial Group. "We have experienced a growing entrepreneurial spirit in
Shanghai and Beijing, and are committed to bringing our financial expertise,
industry knowledge and global network to innovative companies throughout the
country. A presence in Beijing will also benefit our U.S.-based clients and
venture capital partners who are eager to expand in the region."
Prior to the opening of the new subsidiary in Beijing, SVB opened SVB
Business Partners (Shanghai) in 2005 to establish a consulting beachhead for
SVB in China and create a gateway between Shanghai and Silicon Valley. SVB
expanded in China in 2009 with the opening of a representative office in
Shanghai's Yangpu District and currently manages a direct investment fund and
a fund of funds for the Yangpu District Government through SVB Capital, SVB
Financial Group's venture capital group . SVB is currently working toward the
establishment of a banking platform focused on technology and life science
companies in China.
SVB Business Partners (Beijing) provides technology companies and venture
funds with:
-- Advisory services for arranging RMB loans with local banks
-- Introductions to Silicon Valley Bank, its affiliate in the U.S., for
venture debt financing and offshore banking services
-- In market client services for offshore banking clients, including
venture fund clients
-- Various networking events to help establish connections with Silicon
Valley Bank's clients and partners worldwide
This subsidiary will not provide any direct lending, deposit or
investment services.
Michael Yahng is the China Country Head for SVB Financial Group and
oversees management of SVB Business Partners (Beijing) and SVB Business
Partners (Shanghai). Yahng has more than 30 years of experience in
international finance and banking. Prior to joining SVB he was involved with
private equity fundraising and investments in China for TianDi Growth
Capital. Yahng is based in Shanghai and Hong Kong and currently sits on the
boards of Bank of Hangzhou, UPG, and First Sino Bank, the only Taiwanese JV
Bank in China.
"Beijing is the government and banking capital of China and we are
delighted to be part of that ecosystem with the opening of our new office in
the city's Haidian District," said Yahng. "China continues to be a key part
of SVB's international growth and we're pleased to be able to work with
entrepreneurs and investors in both Beijing and Shanghai."
Leading the day to day operations of the SVB Business Partners (Beijing)
office is Managing Director Daniel Quon. With nearly 30 years of experience
in banking, a significant portion in Asia, Quon is considered one of SVB's
experts on China. He has developed and managed SVB's relationships in China
for many years and was instrumental in the opening of SVB Business Partners
(Shanghai).
In addition to its subsidiaries in China and offices throughout the
United States, SVB Financial Group has operations in India, Israel and the
United Kingdom, through which it offers its clients access to the company's
network of relationships with technology and life science companies and
venture capital investors worldwide.
About SVB Financial Group
For nearly three decades, 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, 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 26 offices in the U.S. and international operations in
China, India, Israel and the United Kingdom. More information on the company
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. and SVB Business Partners (Beijing) Co., Ltd.
are subsidiaries of SVB Financial Group. SVB Business Partners (Shanghai)
Co., Ltd., SVB Business Partners (Beijing) Co., Ltd. and SVB Financial Group
are not licensed to conduct banking business in China and do not engage in
unlicensed banking activities. SVB Business Partners (Shanghai) Co., Ltd. and
SVB Business Partners (Beijing) Co., Ltd. do not provide lending, deposit or
investment advisory services. All international activity is subject to local
rules and regulations.
SOURCE: SVB Financial Group
CONTACT: Eileen Nolan of SVB Financial Group
+1-925-737-6009
enolan@svb.com
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