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Silicon Valley Bank Applies For Commercial Banking Branch License In UK

Silicon Valley Bank (SVB), part of US-based diversified financial services company SVB Financial Group, has applied for approval to open a full commercial banking branch in the UK.

If its application is approved, Silicon Valley Bank anticipates opening a commercial banking branch in London in 2011, which would be led by Phil Cox, head of Europe and Israel at SVB Financial Group.

According to SVB, its London branch would offer loans, deposits, cash management, foreign exchange and trade finance support services locally to SVB’s technology and venture capital clients. Additionally, the branch would serve the needs of SVB’s US and other global clients transacting business in the UK.

Ken Wilcox, president and CEO of SVB Financial Group, said: “For nearly 30 years, Silicon Valley Bank has been dedicated to helping dynamic companies succeed. The opportunity to expand our capabilities in the UK will help our clients worldwide access Europe more extensively and give british companies and investors a local partner to help them thrive.”