SVB's UK Business Becomes Subsidiary Bank, Reflecting Strong Growth
SVB Financial Group has announced the transition of its UK branch into a wholly owned subsidiary, Silicon Valley Bank UK Limited, following significant growth in the innovation economy. Erin Platts has been appointed CEO, leading a newly formed board aimed at strategic growth and international expansion. This move reflects SVB's commitment to the UK and EMEA markets, where it has gained a strong presence since entering in 2004. With 650 employees across five countries, SVB continues to support innovative businesses and investors, enhancing its financial services for the evolving economy.
- Transition to a wholly owned subsidiary indicates robust growth in the UK market.
- Appointment of Erin Platts as CEO signals continuity and strong leadership.
- New board formation will enhance strategic oversight and growth initiatives.
- SVB has established a strong presence with 650 employees across five countries.
- None.
Company Names Erin Platts CEO of Silicon Valley Bank UK and Appoints New Board of Directors
LONDON, Sept. 21, 2022 /PRNewswire/ -- SVB Financial Group (SVB) (Nasdaq: SIVB), the financial partner of the innovation economy and parent of Silicon Valley Bank, today announced that its UK branch has become a wholly owned subsidiary of Silicon Valley Bank, due to significant growth of the business. Silicon Valley Bank UK Limited is led by CEO Erin Platts, formerly SVB's Head of EMEA and President of the UK Branch. As a full subsidiary, Silicon Valley Bank UK has appointed a UK Board of Directors to provide oversight for the business.
Greg Becker, CEO of SVB Financial Group said: "At SVB, we have witnessed significant growth of the innovation economy in the UK over the past decade. Accordingly, SVB has also experienced outstanding growth in the UK leading to the transition to a subsidiary business based on our size. Under Erin's leadership and vision, we look forward to seeing Silicon Valley Bank UK continue to grow within the UK and Europe and bring the full power of the SVB platform to our innovative clients."
Since entering the UK market in 2004, Silicon Valley Bank has played a prominent role in the growth of the country's innovation economy and has served as a key financial partner to fast-growing, innovative companies and investors across the UK and Europe, including Snyk, Wise and Atomico. SVB has experienced strong growth in the last five years, with 650 employees across five countries in the UK and EMEA, including Germany and Denmark, where offices were opened in 2018 and 2019, respectively. The subsidiarisation of the UK Branch is a culmination of this growth and reflects Silicon Valley Bank's success and commitment to its UK and EMEA-based clients.
Platts has been with SVB for more than 18 years and has played a key role in launching and growing Silicon Valley Bank's presence in the UK since 2007. She is responsible for leading and growing the bank's business across the UK and EMEA region and will continue her work as an active champion of diversity, equity and inclusion within the innovation and financial sectors.
The Silicon Valley Bank UK Board will consist of seven members and will be chaired by Darren Pope, who brings more than 30 years of banking experience to the role. He previously served as CFO at TSB Bank Plc, having taken a lead role in the design and divestment of the TSB business from Lloyds Bank plc and its subsequent IPO and takeover.
Pope will be joined by Vin Murria (OBE), Astrid Grey, and Helen Heslop, the four of whom will serve as independent non-executive directors. Collectively, the Silicon Valley Bank UK Board brings a wealth of credit risk, banking and entrepreneurial experience and will advise on Silicon Valley Bank UK's future strategic growth plans, international expansion, and governance. Silicon Valley Bank UK's CEO Erin Platts, EMEA Chief Financial Officer Gavin Hewitt and EMEA Chief Operating Officer Patrick Flynn will become executive directors of the Board.
Erin Platts, CEO of Silicon Valley Bank UK Limited said: "As we have expanded our role within the UK as the go-to bank for innovators and investors, we have hit an inflexion point and an important milestone in our growth; yet the emphasis of our business remains the same: to deliver a comprehensive financial platform for our clients and the growing innovation economy across EMEA. Silicon Valley Bank UK will continue to support our clients to increase their probability of success and work to be the most sought-after partner helping innovators, enterprises and investors achieve extraordinary outcomes."
Platts added: "Our Board of world-class technology and banking leaders brings significant experience, insight and diverse perspectives to Silicon Valley Bank UK and SVB at large. We believe their guidance will help us achieve our goals to deliver unmatched value to our clients and remain the partner of choice for the global innovation economy."
About SVB
SVB is the financial partner of the innovation economy, helping individuals, investors and the world's most innovative companies achieve their ambitious goals. SVB's businesses - Silicon Valley Bank, SVB Capital, SVB Private and SVB Securities - together offer the services that dynamic and fast-growing clients require as they grow, including commercial banking, venture investing, wealth planning and investment banking. Headquartered in Santa Clara, California, SVB operates in centers of innovation around the world. Learn more at svb.com.
© 2022 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank UK Limited is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK (Company Number 12546585). Silicon Valley Bank UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Firm Reference Number 543146). Silicon Valley Bank UK Limited is a subsidiary of Silicon Valley Bank, a Delaware corporation and subsidiary of SVB Financial Group. SVB Financial Group and its subsidiary Silicon Valley Bank are members of the Federal Reserve System and Silicon Valley Bank is a member of the FDIC. [SIVB-C]
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SOURCE SVB Financial Group
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