MEDIA RELEASE PR35917
Silicon Valley Bank Expands in China
SANTA CLARA, Calif. and SHANGHAI, Sept. 1 /PRNewswire-AsiaNet/ --
SVB Financial Group Takes Next Step in China Strategy, Lays
Foundation for Future Banking Platform Focused on Technology Industries
Silicon Valley Bank, the premier commercial bank for companies in the
technology, life science, venture capital and premium wine industries, opened
a representative office in Shanghai's Yangpu District today.
"Our long-term commitment to Chinese entrepreneurs, technology, life
science and venture capital firms is to offer the same expertise, connections
and banking services we provide to our clients in the U.S.," said Ken Wilcox,
CEO of SVB Financial Group and Silicon Valley Bank. "Together with the Yangpu
District Government and many others, we are working on several
ground-breaking initiatives that will help build the infrastructure for a
vibrant innovation economy in China."
The addition of a representative office in Shanghai is Silicon Valley
Bank's next step toward building a banking platform focused on technology and
life science companies in China.
SVB Financial Group, the parent company of Silicon Valley Bank, has been
expanding in global markets for many years and has a variety of business
development, consulting and financial operations in China, India, Israel and
the UK, all of which are important markets for the technology, life science
and venture capital industries it serves. Silicon Valley Bank is widely
recognized for its ability to develop innovative approaches to meet the
unique financial needs of its clients.
"Silicon Valley Bank has more than 26 years of experience helping
entrepreneurs and emerging, dynamic technology start-ups grow into successful
companies, and we want to share that in China," said Mike Yahng, the chief
representative of the Silicon Valley Bank Shanghai Representative Office.
"Our expertise is banking innovative companies, and this representative
office gets us one step closer to our goal of offering financing solutions
for China's innovative technology and life science companies."
Silicon Valley Bank's new Shanghai representative office will give
Chinese technology companies an outlet to meet and learn about Silicon Valley
Bank, however it is not a bank branch and will not provide banking services.
Through the representative office, Silicon Valley Bank will facilitate
information flow to and from Silicon Valley Bank in the U.S. and help
introduce Silicon Valley Bank to the Chinese entrepreneurial and technology
communities.
SVB Financial Group began engaging with venture capitalists and
technology companies across Asia in the 1990s. In 2005, the company opened
SVB Business Partners Shanghai to create a gateway between Shanghai and
Silicon Valley for its clients and partners. Having successfully established
a consulting beachhead, SVB has been focusing on building strategic alliances
with local partners and the Chinese government, especially in the technology
and life sciences sectors.
About Silicon Valley Bank
Silicon Valley Bank is the premier commercial bank for companies in the
technology, life science, venture capital and premium wine industries. SVB
provides a comprehensive suite of financing solutions, treasury management,
corporate investment and international banking services to its clients
worldwide. 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 clients around the world through 27 U.S. offices and
international operations in China, India, Israel and the United Kingdom.
Silicon Valley Bank is a member of global financial services firm SVB
Financial Group (Nasdaq: SIVB), with SVB Analytics, SVB Capital, SVB Global
and SVB Private Client Services. More information on the company can be found
Silicon Valley Bank Shanghai Representative Office will conduct liaison
activities for Silicon Valley Bank pursuant to the regulations and guidelines
of the CBRC.
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. is a subsidiary of SVB Financial Group. Neither
SVB Business Partners (Shanghai) Co. Ltd nor SVB Financial Group is licensed
to conduct banking business in China and neither entity engages in unlicensed
banking activities. SVB Business Partners (Shanghai) Co. Ltd. does not
provide lending, deposit or investment advisory services. All international
activity is subject to local rules and regulations.
SOURCE: Silicon Valley Bank
CONTACT: Carrie Merritt of Silicon Valley Bank,
+1-503-574-3705,
cmerritt@svb.com
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