News Tech: Due to strong commercial expansion, SVB Financial Group (SVB) (Nasdaq: SIVB), the parent company of Silicon Valley Bank and the financial partner of the innovation economy, today announced that its UK branch has become a wholly owned subsidiary of Silicon Valley Bank. CEO Erin Platts, formerly SVB’s Head of EMEA and President of the UK Branch, is in charge of Silicon Valley Bank UK Limited. Silicon Valley Bank UK has appointed a UK Board of Directors to oversee the company as a full subsidiary.
Since its entry into the UK market in 2004, Silicon Valley Bank has contributed significantly to the development of the nation’s innovation economy and has been a crucial financial partner to investors and quickly expanding, innovative businesses throughout the UK and Europe, including Snyk, Wise, and Atomico. With 650 workers spread across five countries in the UK and EMEA, including Germany and Denmark, where offices were opened in 2018 and 2019, respectively, SVB has seen significant expansion over the past five years. The climax of this expansion is the subsidiarization of the UK Branch, which demonstrates Silicon Valley Bank’s success and dedication to its clients in the UK and EMEA.
CEO of SVB Financial Group Greg Becker stated: “At SVB, we have seen the UK’s innovation economy grow significantly over the past ten years. As a result, SVB has also seen exceptional growth in the UK, which has led to the conversion of the operation to a subsidiary firm based on our size. We anticipate that Silicon Valley Bank UK will expand throughout the UK and Europe under Erin’s direction and vision and that our forward-thinking clients will benefit from the full power of the SVB platform.”
Since 2007, Platts, who has worked with Silicon Valley Bank for more than 18 years, has been a vital contributor to the establishment and expansion of the company’s presence in the UK. She will continue to actively support diversity, equity, and inclusion in the financial and innovation sectors as addition to leading and expanding the bank’s operations across the UK and EMEA region.
Platts continued: “Silicon Valley Bank UK and SVB as a whole benefit from the tremendous expertise, wisdom, and range of viewpoints that our Board of elite banking and technology experts bring to the table. We are certain that their advice will enable us to meet our objectives of providing clients with incomparable value and continuing to be the go-to partner in the global innovation economy.”