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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

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.

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