SVB Financial Group, parent company of Silicon Valley Bank, has launched a subsidiary bank in the UK.
Following significant growth, its UK operations are to become Silicon Valley Bank UK Limited, a wholly owned subsidiary of Silicon Valley Bank.
Erin Platts, formerly SVB’s head of EMEA and president of the UK branch, has been named CEO. As a full subsidiary, Silicon Valley Bank UK has appointed a UK board of directors to provide oversight for the business.
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.
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.
“At SVB, we have witnessed significant growth of the innovation economy in the UK over the past decade,” said Greg Becker, CEO of SVB Financial Group.
“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.”
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.
CEO Platts, EMEA CFO Gavin Hewitt and EMEA COO Patrick Flynn will become executive directors of the board.
Platts 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.”