SVB Financial Group in Santa Clara, Calif., is expanding its banking unit to Arizona by opening an IT and operations facility in Tempe this year.
The $19 billion-asset Silicon Valley Bank said Tuesday that the expansion will create 220 jobs in Arizona that it will fill through local hiring and voluntary transfers from existing offices. The company will receive funding from the Arizona Competes Fund.
Silicon Valley Bank provides financial services to technology and life science companies, venture capital and private equity firms and wineries.
"We are constantly growing in support of our innovative clients," Greg Becker, president and chief executive of Silicon Valley Bank, said in a news release. "The Phoenix area is a great environment with talented financial candidates to fill our open positions, affordable living for our employees, proximity to our headquarters, and a growing number of technology and life science businesses in the region."
