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JV bank eyes bigger print in yuan loans
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SPD Silicon Valley Bank launched its yuan business in Shanghai yesterday as it seeks a larger footprint in offering loans to the technology and innovation sectors in China.
The three-year old lender, Silicon Valley Bank’s 50-50 joint venture with Shanghai Pudong Development Bank in China, was approved by the China Banking Regulatory Commission in May to offer deposit accounts, loans and fundraising solutions in yuan.
“The launch of the yuan business is a milestone for our global growth and will make us the real Silicon Valley Bank in China,” said Dave Jones, president of SPD Silicon Valley Bank.
The bank is expected to focus exclusively on lending in yuan to technology firms in the Internet, health care, new energy and new material industries. Its first group of clients includes peer-to-peer lending service Jimubox and zhaogang.com, an e-commerce platform for the iron and steel industry.
The launch will support Shanghai as an “international technology and innovation center” by 2020, Jones added.
In November, the bank provided its first yuan loans to technology companies in Minhang District through the Pudong Development Bank.
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