Silicon Valley Bank's joint venture in China stressed on Saturday that it is operating normally and in full compliance with Chinese laws and regulations, as the US bank's collapse has caused ripple effects across the world.
SPD Silicon Valley Bank (SSVB), a joint venture between Shanghai Pudong Development Bank Co and Silicon Valley Bank, is an independent legal entity that is registered in China in August 2012, the joint venture said in a statement on its website.
SSVB has standard corporate governance structure and an independent balance sheet, said the statement, which came after US Federal Deposit Insurance Corp took over the collapsed Silicon Valley Bank on Friday.
As the first technology and innovation bank in China, SSVB is committed to serving Chinese technology entrepreneurs and maintains stable operations in line with China's laws and regulations.
In June 2019, the Silicon Valley Bank and Shanghai Pudong Development Bank Co increased its registered capital of SSVB to 2 billion yuan ($289 million), with the two banks each holding 50 percent share, according to a report by domestic news site 21jingji.com.
SSVB said in September 2021 that it's focused on serving Chinese innovations firms and investors mainly in eights sectors including healthcare, smart manufacturing, semiconductors and finance technology. By the second quarter of 2022, the bank was serving more than 3,000 corporate clients, of which 31 were listed in China or overseas, according to the report.
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