Silicon Valley Bank, the bank subsidiary and the commercial banking operation of California-based SVB Financial, has opened a representative office in Shanghai’s Yangpu district, China. The bank said that this is a step towards building a banking platform focused on technology and life science companies in China.
Reportedly, the Silicon Valley Bank’s new Shanghai representative office will give Chinese technology companies an outlet to meet and learn about Silicon Valley Bank. However, the company clarified that it is not a bank branch and will not provide banking services. It has added that through the representative office, Silicon Valley Bank will facilitate information flow to and from Silicon Valley Bank in the US and help introduce the Bank to the Chinese entrepreneurial and technology communities.
Ken Wilcox, CEO of SVB Financial and Silicon Valley Bank, said: “Our long-term commitment to Chinese entrepreneurs, technology, life science and venture capital firms is to offer the same expertise, connections and banking services we provide to our clients in the US. Together with the Yangpu district government and many others, we are working on several ground-breaking initiatives that will help build the infrastructure for a vibrant innovation economy in China.”
Mike Yahng, chief representative of the Silicon Valley Bank, Shanghai representative office, said: “Our expertise is banking innovative companies, and this representative office gets us one step closer to our goal of offering financing solutions for China’s innovative technology and life science companies.”
