FinTech Opportunities Blooming in Arizona and NYC as Silicon Valley Bank Announces Global Expansion
Here's some positive news for finance IT and operations professionals in Arizona and New York City, as Santa Clara, California-based Silicon Valley Bank announces plans to open a new IT and operations facility in Tempe this year and double the size of its NYC venture capital operation.
Local Arizona officials are predicting the new Tempe IT and operations center will bring 220 jobs to the area.
In a press release, Greg Becker, president and CEO of Silicon Valley Bank, said the Phoenix area is a "great environment with talented financial candidates to fill our open positions, affordable living for our employees, proximity to our headquarters, and a growing number of technology and life science businesses in the region.” The bank concentrates its efforts on technology, clean-tech, life science and winery businesses.
Silicon Valley Bank also recently announced that its New York City location would expand its services to select early stage start-ups. Earlier this year, the bank moved Shai Goldman from Palo Alto to head up its SVB Accelerator program in NYC. The program’s office in NYC will target early stage companies that have yet to raise angel or venture capital financing. Its NYC office is targeting and lending to area tech, life science and venture capital firms. In a press release, the bank is also reporting that it will move from its Fifth Avenue office this year “to a space more than double in size to account for new client acquisitions and its growth in the region.”
SVB also has plans for full service banking in London. The bank announced that it’s in the process of seeking regulatory approval to open a full retail and commercial banking branch in the UK. But despite moves in the U.S. and the UK, the bank is making significant headway in China. In January, Ken Wilcox, then CEO of SVB’s parent, left his post to become chairman of the bank and concentrate on Chinese expansion.
In October, the bank received initial approval from the China Banking Regulatory Commission to move ahead with the creation of a joint venture bank in China, according to an SEC filing. The bank currently has subsidiaries in Shanghai and Bejiing, providing local technology companies and venture capital investors with in-market client service support, advisory services for arranging RMB loans with local banks, introductions to their U.S. office, and educational and networking programming through its Entrepreneur Services Group stateside.