SVB Replaces China-Bound Chief Credit Officer

The chief credit officer of SVB Financial Group (SIVB) in Santa Clara, Calif., is moving to China.

The $21.5 billion-asset company named David Jones as president of Asia; he will move to China following a transition that will take place in the third quarter. As part of that transition, Marc Cadieux, SVB's assistant chief credit officer since 2009, will succeed Jones as chief credit officer.

Cadieux has held a variety of positions during his 21 years with SVB, including Bay Area regional manager and head of loan advisory services.

Jones will be responsible for building the company's Chinese joint-venture bank, SPD Silicon Valley Bank, a Shanghai lender that focuses on technology and innovation. He will also manage local operations, SVB said in a press release said. He will work with Ken Wilcox, SVB's chairman and Asia head.

Jones "has overseen the creation of a world-class credit discipline, and has built a hand-picked team of senior credit officers, many of whom have been with SVB for more than a decade," SVB president and Chief Executive Greg Becker said in the press release. "SVB's consistent credit performance through some very challenging market cycles speaks to his success."

SVB, the parent of Silicon Valley Bank, has been expanding its global reach in recent years. It opened its first London branch in 2012 and pledged to commit up to $100 million to the Irish tech sector.