SVB scales up UK presence to woo IT companies
Eyeing tech start-up companies and potential entrepreneurs in the UK, tech-loving Silicon Valley Bank of the US Monday opened its first branch in Britain to offer cash and services to IT companies.
Financial partner to the technology, life science, cleantech, private equity and venture capital industries, Silicon Valley Bank (SVB) has been operating in the UK since 2004 through its SVB Financial Group and already has several tech firms like Foundry, Shazam and Mimecast among its customers.
The first US bank to open a commercial banking branch in the UK in several years, Silicon Valley Bank is offering a full suite of products and services to innovation businesses in the UK, including current and deposit accounts, loans, cash management services, trade finance and foreign exchange.
Chancellor George Osborne reckoned the bank's move was "yet more proof that the UK is fast becoming the technology centre of Europe".
"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," he said in a statement.
Silicon Valley Bank has $20bn in assets and has 27 offices in the US and six other international operations in China, India and Israel, all offering loans and banking services. Later this year it is expected to open a joint venture operation with Shanghai Pudong Development Bank, the first such bank in China since 1997.
Greg Becker, CEO and President of Silicon Valley Bank said: "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."
Having banked some of the most successful and well-known technology brands in the world, including Cisco, Evernote, Mindspeed, Mozilla and Pinterest as well as some of the top investors in the sector including NEA, Sequoia Capital and Silver Lake, SVB is a crucial part of the innovation ecosystem.
For three decades in the US market, it has helped thousands of companies to be successful, from the earliest startups to large public companies.
In the US, 50% of the venture capital-backed technology and life science companies work with SVB.
In contrast to much of the global banking market, SVB delivered record results for its fiscal year 2011 with all-time high loan and deposit balances, net income and earnings per share, as well as a strong balance sheet.
Phil Cox, Head of UK, Israel and India for Silicon Valley Bank, added: "Silicon Valley Bank's offering is unique in the UK We have seen a marked shift in recent years in our chosen niche industries' activity within the UK."
"Building on our credentials of supporting technology firms in the US, we are excited to be able to help the UK's entrepreneurs meet and exceed their ambitious goals," said Cox.
Top-tier venture firms such as Index Ventures and Balderton Capital have also chosen to work with SVB in the UK.
Source: Britain News.Net
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