Santa Clara, Calif.-based Silicon Valley Bank ($12.5 billion in assets) announced Tuesday it is seeking regulatory approval to open a full commercial banking branch in London.
The U.K. branch would offer loans, deposits, cash management, foreign exchange and trade finance support services to Silicon Valley Bank's technology and venture capitalist clients. SVB Financial Group has had an office in London since 2004, and has been providing loans locally to U.K.-based technology and life sciences companies.
"Silicon Valley Bank is an important part of the growth equation for the technology, life science and'cleantech sectors and venture capital investors around the world," said Bruce Golden of Accel Partners London. "With its experience and vast network of connections within all technology and investment capital sectors globally, SVB has proven to be an invaluable resource and partner for innovative European firms and integral in development of many of our portfolio companies."
SVB Financial Group was founded in 1983, and specializes on specialty markets, including technology, life science, venture capital and premium wine. It has 27 domestic offices and international subsidiaries in Israel, India and China, as well as its London office.