A bank for start-ups. What is missing in Italy and has long existed in America is now taking its first steps in China. The Silicon Valley Bank, a Californian bank founded thirty years ago and dedicated – as the name suggests – to technology and the financing of innovations, has made a Joint Venture with the Shanghai Pudong Development Bank and has just been given the go-ahead by the authorities ( the China Bank Regulatory Commission – CBRC).
It should begin operating in July at the earliest and its statute addresses it to small and medium-sized enterprises active in the field of advanced technologies. The approval by the CBRC dates back to October 2011, and the Joint Venture sees an equal participation of the two parent banks, with a capital of 1 billion yuan. For the first three years it will not open branches but will only deal with finding investment opportunities, financing itself on the wholesale money market and/or with the issue of bonds.
Read China Daily
