A week after opening its first full-service branch in the United Kingdom, Silicon Valley Bank in Santa Clara, Calif., has committed to lend as much as $100 million to Irish companies over the next five years.
Reuters reported Tuesday that the $21 billion-asset unit of SVB Financial Group (SVB) plans to target companies in the technology, life sciences, private equity and venture capital sectors that have received early-stage funding or have demonstrated early success with their product or service.
In connection with that commitment, Ireland's National Pension Reserve Fund has said it will invest up to $50 million in technology funds managed by Silicon Valley Bank affiliate SVB Capital. It also has agreed to help the bank identify companies in which to invest.
The company said when it opened its London branch last week — right next to the Bank of England — that it is well positioned to make loans in Europe because the crisis there has forced many banks to hang on to more of their capital.
The London branch is Silicon Valley Bank's first full-service branch outside of the U.S. The bank also has seven loan offices in China, Israel, India and the U.K.