Designer in Silicon Valley

Silicon Valley Bank launch targets UK tech sector

SVB Financial Group's banking unit Silicon Valley Bank is to open its first international branch in London.

The bank is looking to tap into the technology startup sector in the United Kingdom, with a strategy of focusing on entrepreneurs and the venture capital industry.

"The opening of a Silicon Valley Bank branch in London signals a significant step in the evolution of the technology sector in the UK at a time when there is strong government support for a thriving community of local innovation businesses," said Greg Becker, CEO and President of Silicon Valley Bank.

"The UK branch opening is a key milestone for us and, more significantly, an example of how important high-growth technology, life science and cleantech businesses and their investors are to the global economy.

"Our clients are doing remarkable things. We are excited to be a part of their success and thrilled to be open for business in the UK."

Silicon Valley Bank, which has been offering financing solutions in the UK since 2004 through an affiliate, already counts chipmaker Icera, music service Shazam and venture capital firms Index Ventures and Balderton Capital among its clients in the UK.

The new branch will offer current and deposit accounts, loans, cash management services, trade finance and foreign exchange to startups in the country, the bank said in a statement.

Silicon Valley Bank also has offices in Israel, India and is expected to open a joint venture bank in China with Shanghai Pundong Development Bank Co.

"The news that Silicon Valley Bank is launching a full banking service in London is yet more proof that the UK is fast becoming the technology centre of Europe," said George Osborne, Chancellor of the Exchequer.

"The knowledge, expertise and dedication that Silicon Valley Bank brings to the ecosystem is another important step toward our objective to make the UK the best place to start and grow the great technology companies of the future."

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