LONDON, June 1 /PRNewswire/ -- Silicon Valley Bank, financial partner to technology companies and venture capitalists worldwide, is seeking regulatory approval to open a full commercial banking branch in the UK. A branch license application was submitted by Silicon Valley Bank (SVB) to the Financial Services Authority on Wednesday, May 26, 2010. A Silicon Valley Bank branch in London would offer loans, deposits, cash management, foreign exchange and trade finance support services locally to SVB's technology and venture capital clients. Additionally, a branch would serve the needs of SVB's U.S. and other global clients transacting business in the UK. Silicon Valley Bank is a commercial bank and the main operating subsidiary of SVB Financial Group (Nasdaq: SIVB).
"Silicon Valley Bank is an important part of the growth equation for the technology, life science and cleantech sectors and venture capital investors around the world," said Bruce Golden of Accel Partners London. "With its experience and vast network of connections within all technology and investment capital sectors globally, SVB has proven to be an invaluable resource and partner for innovative European firms and integral in development of many of our portfolio companies."
SVB Financial Group has had an office in London since 2004, and Silicon Valley Bank has been providing loans to UK-based technology and life science companies in all stages of their development from start-up to global corporations. Today, SVB Financial Group UK Ltd. provides access to financial services as well as SVB's worldwide network of venture capitalists and partners. SVB Financial Group UK aims to give European technology and life science companies access to the same targeted financial services as their U.S.-based counterparts, including sources of diverse debt capital such as venture debt, acquisition financing, working capital, capital call lines, growth capital and capex financing. In addition, the UK team offers access to foreign exchanges services, trade finance and U.S. banking for subsidiaries. With a branch license, SVB would be able to offer these services locally.
"For nearly 30 years, Silicon Valley Bank has been dedicated to helping dynamic companies succeed," said Ken Wilcox, president and CEO of SVB Financial Group. "The opportunity to expand our capabilities in the UK will help our clients worldwide access Europe more extensively and give British companies and investors a local partner to help them thrive."
If its application is approved, Silicon Valley Bank anticipates opening a commercial banking branch in London in 2011, which would be led by Phil Cox, Head of Europe and Israel, SVB Financial Group.
Cox joined the business in August 2009 and said, "I was attracted by the opportunity to build something new and different in the UK market, something that would challenge tradition and create a platform for further growth into Europe. It is clear that UK entrepreneurial businesses in the technology and life science sectors are under-served right now and we aim to deliver a broad relationship-based banking proposition that clearly differentiates us from the competition."
About Silicon Valley Bank
Silicon Valley Bank provides commercial banking services to emerging growth and mature companies in the technology, life science, private equity and premium wine industries. 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 26 U.S. offices and five international operations. Silicon Valley Bank is a member of global financial services firm SVB Financial Group (Nasdaq: SIVB), along with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com.
Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Private Client Services is a division of Silicon Valley Bank. SVB Financial Group is also a member of the Federal Reserve System.
This material has been issued by and approved by SVB Financial Group UK Ltd. as defined in Section 21 of the Financial Services and Markets Act 2000. SVB Financial Group UK Ltd. is registered in England and Wales at 34 Dover Street, London, W1S 4NG, U.K. under No. 5572575 and is authorised and regulated by the Financial Services Authority ("FSA"). The services which are the subject of this material are not available to retail clients as defined by the FSA. The material is for information purposes only and should not be considered as an offer to sell or a solicitation to buy any of the investments mentioned within, or to make any investment decision.
SOURCE Silicon Valley Bank