JV bank eyes bigger print in yuan loans

Advanced Search

The story appears on

Page A10

September 10, 2015

GET this page in PDF

Free for subscribers

View shopping cart

JV bank eyes bigger print in yuan loans

By Leng Cheng | September 10, 2015, Thursday |

Print Edition

SPD Silicon Valley Bank launched its yuan business in Shanghai yesterday as it seeks a larger footprint in offering loans to the technology and innovation sectors in China.

The three-year old lender, Silicon Valley Bank’s 50-50 joint venture with Shanghai Pudong Development Bank in China, was approved by the China Banking Regulatory Commission in May to offer deposit accounts, loans and fundraising solutions in yuan.

“The launch of the yuan business is a milestone for our global growth and will make us the real Silicon Valley Bank in China,” said Dave Jones, president of SPD Silicon Valley Bank.

The bank is expected to focus exclusively on lending in yuan to technology firms in the Internet, health care, new energy and new material industries. Its first group of clients includes peer-to-peer lending service Jimubox and zhaogang.com, an e-commerce platform for the iron and steel industry.

The launch will support Shanghai as an “international technology and innovation center” by 2020, Jones added.

In November, the bank provided its first yuan loans to technology companies in Minhang District through the Pudong Development Bank.

Business Finance

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

JV bank eyes bigger print in yuan loans

Email this to your friend