By Daniel Lanyon on Friday 10 March 2023
Silicon Valley Bank UK says it has been an independent subsidiary since August 2022 with a separate balance sheet to the SVB Financial Group and an independent UK Board of directors.
Silicon Valley Bank UK has moved to reassure UK clients and partners it is ring-fenced from the turmoil experienced by its parent US company.
“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 and we have been so humbled with the consistent drum of support coming from our UK investor and founder community in last few days,” said Erin Platts, CEO and Head of EMEA.
“We appreciate that this is a concerning time for our clients so we are working tirelessly to support them and give more context,” she added.
Silicon Valley Bank, has now been closed by the California Department of Financial Protection and Innovation, which has appointed the Federal Deposit Insurance Corporation) as receiver in a bid to protect insured depositors.
The UK arm of the business told customers today that it operates as a standalone “independent banking institution” that is regulated and governed by the PRA in the UK.
It also said it has been an independent subsidiary since August 2022 with a separate balance sheet to the SVB Financial Group and an independent UK Board of directors.
“Silicon Valley Bank UK fully abides by the UK regulatory requirements as covered by the Financial Services Compensation Scheme and by the Financial Ombudsman Service. SVB UK, Ltd. is ring-fenced from the parent and its other subsidiaries,” the company said.
