TEMPE, Ariz., Nov. 12, 2019 /PRNewswire/ -- Silicon Valley Bank (SVB), the bank of the world's most innovative companies and their investors, today announced its expansion in Arizona. The bank has secured an additional 60,000 square feet of office space in Tempe that it will move into in Q1 2020 and aims to grow its presence by more than 300 employees in the next three years.
"We're pleased to expand our presence in Arizona and continue to attract outstanding talent from the Tempe region," said Phil Cox, Chief Operations Officer at Silicon Valley Bank. "At SVB, we have the opportunity to grow and collectively make an impact on the world by supporting the innovative clients and communities we serve. Our world-class team in Arizona is the engine for SVB's continued growth domestically and internationally."
Silicon Valley Bank serves innovative companies and their investors around the world, from life science to healthcare, venture capital to private equity, and tech to non-profit. SVB banks half of all venture-backed companies in the U.S. and is one of the fastest-growing companies in the world. By providing innovative banking products with an entrepreneurial spirit and supporting community causes that align with its values, SVB fosters innovation all over the globe.
"Silicon Valley Bank's growing presence in Arizona is another sign of Arizona's expanding tech sector," said Governor Doug Ducey. "We are proud this company – recognized globally as a leader in technology and business – has chosen Arizona to expand, bringing more jobs and opportunity to our state."
"Silicon Valley Bank brings not only financial opportunities and assistance to Tempe businesses, including tech startups, it brings extremely good jobs to Tempe," said Tempe Mayor Mark Mitchell. "These positions use future-looking skills that will keep Tempe on the leading edge for our workforce. We appreciate the investment that Silicon Valley Bank is making in Tempe for our residents."
"We're thrilled that Silicon Valley Bank has continued to scale its operation and create new Arizona jobs since it first established a presence in Tempe in 2012," said Sandra Watson, Arizona Commerce Authority President & CEO. "When an industry leader like SVB chooses to invest and grow significantly in Arizona, it speaks volumes about the skilled talent, pro-business environment and incredible quality of life our state offers."
"The available technology labor pool in Greater Phoenix is growing at rates that are outpacing major hubs across the U.S.," says Chris Camacho, president & CEO, Greater Phoenix Economic Council. "We're excited about Silicon Valley Bank's continued investment in the region, reinforcing that this market is where businesses with innovative ideas can scale and succeed."
Silicon Valley Bank is currently located at Hayden Ferry Lakeside near Tempe Town Lake and has more than 700 employees. With the expansion, the company now has 190,000 square feet in the Hayden Ferry Office Complex. The roles to be filled in the new Tempe location include IT, finance, operations and corporate shared services.
About Silicon Valley Bank
For more than 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
About the Arizona Commerce Authority
The Arizona Commerce Authority (ACA) is the state's leading economic development organization with a streamlined mission to grow and strengthen Arizona's economy. The ACA uses a three-pronged approach to advance the overall economy: attract, expand, create – attract out-of-state companies to establish operations in Arizona; work with existing companies to expand their business in Arizona and beyond; and help entrepreneurs create new Arizona businesses in targeted industries. For more information, please visit azcommerce.com and follow the ACA on Twitter at @azcommerce.
SOURCE Silicon Valley Bank