RE: Who's buying tomorrow?12 Mar 2023 15:56
Silicon Valley Bank sought to reassures UK clients todaty, confirming to clients, partners and external stakeholders its financial position as a standalone independent banking institution that is regulated and governed by the PRA in the UK.
The UK arm of SVB became a full-scale subsidiary in September last year. SVB UK is ring-fenced from the parent and its other subsidiaries, the company said.
There are growing fears among London-based fintechs are at risk from the company’s instability, with reports some tech firms have been unable to withdraw funds. Silicon Valley Bank has committed funds to scores of top London-based firms including fintech business Wise and property directory Zoopla.
Erin Platts, CEO and Head of EMEA, said “As a reminder, Silicon Valley Bank UK is a standalone entity with its own balance sheet and governance structure. SVB has supported investors and innovators for 40 years