Silicon Valley Bank Targets Irish Tech Sector


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.



'We Don't Want to Wage this Proxy Contest in the Gutter': Week's Best Quotes

The most notable quotes from American Banker stories of the previous week. Readers are encouraged to add their own observations in the Comments fields at the bottom of each slide.

(Image: Fotolia)

Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.

The FinTech 100

FIS and Tata once again top the annual FinTech 100 list of vendors, ranked by revenue; IBM and Hewlett-Packard lead the pack of tech companies serving multiple industries; and Bionym and Silver Tail are among the 10 Tech Companies to Watch.

A Newsletter featuring Bank Technology News' top stories plus special reports and data

This feature displays payments industry news and analysis from American Banker sibling brand PaymentsSource. Registration is required; for more information contact customer service.

Already a subscriber? Log in here
Please note you must now log in with your email address and password.