Silicon Valley Bank to open London branch

City A.M. Reporter
SVB Financial Group's banking unit Silicon Valley Bank said it would open its first international branch in London, as the lender looks to tap into the technology startup sector in the United Kingdom.

The international expansion, which comes at a time when other lenders are closing branches and facing contracting margins, highlights the bank's strategy of focusing on the needs of entrepreneurs and the venture capital industry.

The bank, which has been offering financing solutions in the UK since 2004 through an affiliate, already counts chipmaker Icera, music service Shazam and venture capital firms Index Ventures and Balderton Capital among its clients in the UK.