SPD Silicon Valley Bank which focuses on commercial services for technology start-ups opened this week in Shanghai.
Described as a “bank for technological innovation,” the SPD Silicon Valley Bank is the first joint venture bank since 1997 to win authorization by the China Banking Regulatory Commission, the banking sector watchdog.
The bank, with a capital of RMB1 billion (US$157 million), is a joint venture involving Shanghai Pudong Development Bank (SPDB) and Silicon Valley Bank (SVB), which is based in California, with each side holding 50% of shares.
SPD Silicon Valley Bank will focus on supporting innovative companies in Shanghai and other cities. Fu Jianhua is Chairman of the new bank while Ken Wilcox, SVB Chairman, is the bank President.
With a market value of US$ 22 billion, SPDB provides financial services for the development of Pudong. SVB supports some of the world's most innovative companies with its diverse financial services, knowledge and a global network, Forbes Magazine ranks SVB among America's Best Banks.
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