SANTA CLARA, Calif., April 23, 2019 /PRNewswire/ -- SVB Financial Group (NASDAQ:SIVB), the parent company of Silicon Valley Bank, the bank of the world's most innovative companies and their investors, announced new leadership appointments in important areas of SVB's business as part of its ongoing growth strategy serving the innovation economy.
Effective May 1, John China, SVB's former Head of Technology Banking, will become President of SVB Capital, the company's venture capital funds management business. SVB Capital has more than $4.5 billion under management across venture capital funds of funds and direct funds. John is a long-standing member of SVB Capital's Operating Committee. He will lead the group in its next phase of growth and transformation. John will continue to expand SVB's Early Stage Practice supporting entrepreneurs and startups at their earliest stages, and he will oversee SVB's Family Office practice.
Dave Sabow, SVB's current Head of Life Science and Healthcare Banking, will take on the additional responsibility of Technology Banking and the company's newly-opened Canada office. The combined unit will benefit from closer collaboration, common leadership and increasing opportunities to serve companies at the convergence of technology and healthcare. As part of his expanded role, Dave will also oversee the business development team focused on venture capital relationship management and new opportunity origination.
"It is critical that we continue to grow and innovate alongside our clients, and we're in a strong position to make that happen with our deep bench of experienced leadership," said Mike Descheneaux, President of Silicon Valley Bank. "As the innovation economy expands, we are increasing our focus and resources on key areas of the business, diversifying our services, bolstering our capabilities and aligning our teams to better serve our clients at every stage of their growth."
John joined Silicon Valley Bank in 1996. For more than 23 years he has been a partner to entrepreneurs and their investors, providing financial solutions, insights and connections to accelerate their growth. John is a part of SVB's Executive Committee and has led Technology Banking teams across the US specializing in software, internet, hardware, infrastructure, private equity, venture capital, and premium wine. He has also been responsible for the company's Corporate Venture Group, Early Stage Practice, SVB's Global Gateway program, the Credit Solutioning Group and Corporate Finance.
Dave joined Silicon Valley Bank in 2012 to support late-stage lending in the Life Science and Healthcare Practice. He has since become responsible for the national Life Science & Healthcare Practice, and over the years has led SVB's client funds business and products. Dave has spent more than 15 years supporting the innovation economy as both a commercial banker and an investment banker. In 2018, Dave worked with senior management to lead SVB's acquisition of investment banking firm Leerink Partners, now SVB Leerink.
About SVB Financial Group
For more than 35 years, SVB Financial Group (NASDAQ: SIVB) and its subsidiaries have helped innovative companies and their investors move bold ideas forward, fast. SVB Financial Group's businesses, including Silicon Valley Bank, offer commercial, and private and investment banking, asset management, private wealth management, brokerage and investment services and funds management to companies in the technology, life science and healthcare, private equity and venture capital, and premium wine industries. Headquartered in Santa Clara, Calif., SVB Financial Group operates in centers of innovation around the world. Learn more at svb.com.
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SOURCE Silicon Valley Bank