Boston Private Bancorp plans to open an office next week in suburban Wellesley, Mass., an area rich with technology companies.
Its lead bank subsidiary, $370 million-asset Boston Private Bank and Trust, focuses on serving emerging companies, especially in the technology sector, and their executives.
In Wellesley, Boston Private will compete with BankBoston Corp. and Silicon Valley Bank. Boston Private, which manages $2.5 billion of assets for companies, institutions, and individuals, is opening the full-service branch to be convenient to a growing clientele in Boston's western suburbs, according its president, Timothy L. Vaill.
"We knew at some point as the client base grew, we had to have some office there," he said.
The new branch will offer all of Boston Private's core businesses: cash management and deposits, jumbo mortgage lending, commercial banking, and investment management and trust.