UK's first Silicon Valley Bank launches
The Silicon Valley Bank has today opened its doors in London in a bid to boost innovation in local and international businesses in the cleantech and technology sectors.
As the first US commercial banking branch to open in the UK for several years, the global bank will offer access to a range of commercial banking services, such as current and deposit accounts, loans, cash management services, trade finance and foreign exchange.
Silicon Valley Bank chief executive Greg Becker, said: "The opening of a Silicon Valley Bank branch in London signals a significant step in the evolution of the technology sector in the UK at a time when there is strong government support for a thriving community of local innovation businesses.
"The UK branch opening is a key milestone for us and, more significantly, an example of how important high-growth technology, life science and cleantech businesses and their investors are to the global economy. Our clients are doing remarkable things. We are excited to be a part of their success and thrilled to be open for business in the UK."
Commenting on the launch, chancellor George Osborne, said: "The news that Silicon Valley Bank is launching a full banking service in London is yet more proof that the UK is fast becoming the technology centre of Europe. The knowledge, expertise and dedication that Silicon Valley Bank brings to the ecosystem is another important step toward our objective to make the UK the best place to start and grow the great technology companies of the future."
From today, the Silicon Valley Bank will open accounts for technology, life science, cleantech, private equity and venture capital businesses. Visit www.svb.com/uk for more information.