Silicon Valley Bank will set China venture

Published:2012/6/18 2:14:00 Author:Ecco From:SeekIC

With its professional chip knowledge, Silicon Valley bank goes to the mainland to aim to be the first U.S. tech-focused bank operating in China by September when it opens the doors on a new joint venture.

SVB has about $20 billion in assets. It forged a 50/50 joint venture with the considerably larger Shanghai Pudong Development Bank. However, the partnership recently got China government approval to operate the new bank, starting a six-month clock under China law to officially start operations.

The two companies have about 60 people committed to joint ventures. They have been ready to set up computer and network. But both of them did not claim that they will help the joint venture.

The bank's established when the source is enough, at least in China’s fables semiconductor sector. The bank said that they can accept as many as 300 people. Observers of the sector say what it needs today is consolidation to help form companies with the scale to grow.

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