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11/06/2012
Sillicon Valley Bank Opens UK Branch
US hi-tech bank, Sillicon Valley Bank, has opened its first branch in the UK, offering offering banking and loan services to the UK tech industry.
The bank, which has $20bn (£13bn) in assets, will target the technology, life science, private equity and venture capital sectors.
Tech companies Shazam and The Foundry are already UK clients.
Chancellor George Osborne said the move proves "the UK is fast becoming the technology centre of Europe".
Phil Cox, SVB's head of UK, Israel and India, said: “The elements of an emerging and effective technology ecosystem are all around us: first class universities, an entrepreneurial and business ownership culture, investors, the emergence of technology clusters and the support for the sector within the UK government are all very positive indicators. 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."
Mr Cox said the bank would be making loans of between £300,000 and £30m to established companies looking to expand.
(H/GK)
The bank, which has $20bn (£13bn) in assets, will target the technology, life science, private equity and venture capital sectors.
Tech companies Shazam and The Foundry are already UK clients.
Chancellor George Osborne said the move proves "the UK is fast becoming the technology centre of Europe".
Phil Cox, SVB's head of UK, Israel and India, said: “The elements of an emerging and effective technology ecosystem are all around us: first class universities, an entrepreneurial and business ownership culture, investors, the emergence of technology clusters and the support for the sector within the UK government are all very positive indicators. 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."
Mr Cox said the bank would be making loans of between £300,000 and £30m to established companies looking to expand.
(H/GK)
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