Silicon Valley Bank, a unit of SVB Financial Group, is to open its first international branch in London as part of a move to exploit development of fledgling technology firms in the UK, coming shortly after a UK lender was set up with the backing of a University of Cambridge college and public pension scheme.
The new SVB branch will offer current and deposit accounts, loans, cash management services, trade finance and foreign exchange to start-ups, SVB said in a statement.
Yesterday, it was announced that Cambridge & Counties Bank, a bank formed with the backing of Cambridge Local Government Pension Fund, and Trinity Hall, a Cambridge college, had been launched. While these new ventures are not strictly about wealth management per se, they are indicative of how certain banking sectors are continuing to see growth despite a tough financial climate.
The recent – and controversial – initial public offering of social media giant Facebook, said to have created a host of multi-millionaires, highlighted how the technology sector continues to be a driver of growth in the number of high net worth individuals.