Silicon Valley Bank opens London branch

June 11 Mon Jun 11, 2012 3:17pm IST

Stocks

   

June 11 (Reuters) - SVB Financial Group's banking unit Silicon Valley Bank said it would open its first international branch in London, as the lender looks to tap into the technology startup sector in the United Kingdom.

The international expansion, which comes at a time when other lenders are closing branches and facing contracting margins, highlights the bank's strategy of focusing on the needs of entrepreneurs and the venture capital industry.

The 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, Silicon Valley 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.

Shares of the bank closed at $56.75 on Friday on the Nasdaq.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Reliance Projects

Reliance Projects

Exclusive: Reliance plans $13 billion projects including new refinery.  Full Article 

Pharma Sector

Pharma Sector

In race for bigger margins, drug makers willing to lose the India "advantage".  Full Article 

Low Stocks

Low Stocks

Indian power station coal stocks lowest since 2012 blackouts.  Full Article 

Markets This Month

Markets This Month

Tata Motors, M&M top Sensex gainers  Full Article 

Google Drones

Google Drones

Google is testing unmanned drones to deliver anything from dog food to medicine.  Video 

#RiceBucketChallenge

#RiceBucketChallenge

In India, rice replaces ice in bucket challenge.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage