Silicon Valley Bank's China venture says operations 'sound'

First Sino-American bank tries to detach from its U.S. parent

Silicon Valley Bank (SVB) headquarters in Santa Clara, U.S. Its Shanghai-based joint venture, SSVB, is China's first technology and innovation bank. © Reuters

KENJI KAWASE, Nikkei Asia chief business news correspondent

March 11, 2023 19:02 JST

Updated on March 12, 2023 00:00 JST

HONG KONG -- The Chinese joint venture of defunct lender SVB Financial Group assured the public its operations were "sound" Saturday, saying its balance sheet is independent from its American partner.

SPD Silicon Valley Bank (SSVB) is a 50-50 joint venture between Chinese state-owned Shanghai Pudong Development Bank and SVB Financial, which was shut down by the U.S. financial regulator on Friday after a rapid deposit outflow and the collapse of a fresh funding plan.