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JV bank caters to small and medium-sized tech firms
By Hu Xiaocen |
December 11, 2012, Tuesday
|
Online Edition
Online Edition
SPD Silicon Valley Bank, the first technology bank in China dedicated to providing financial services for technology firms, opened in Shanghai today.
The bank, equally owned by Shanghai Pudong Development Bank and Silicon Valley Bank, has a registered capital of 1 billion yuan (US$159 million).
The lender will serve primarily small and medium-sized firms specialized in hardware, software, Internet, mobile communication, consumer technology, life science, clean technology, and new materials.
Ken Wilcox, president and chief executive officer of the joint venture bank, said they are aiming to redefine China's banking experience by providing flexible, customized products and high-quality services.
SPD Silicon Valley Bank said it already launched a variety of on-shore dollar products and services, and is seeking regulatory approval for yuan business.
The bank, equally owned by Shanghai Pudong Development Bank and Silicon Valley Bank, has a registered capital of 1 billion yuan (US$159 million).
The lender will serve primarily small and medium-sized firms specialized in hardware, software, Internet, mobile communication, consumer technology, life science, clean technology, and new materials.
Ken Wilcox, president and chief executive officer of the joint venture bank, said they are aiming to redefine China's banking experience by providing flexible, customized products and high-quality services.
SPD Silicon Valley Bank said it already launched a variety of on-shore dollar products and services, and is seeking regulatory approval for yuan business.
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