June 11 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
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.