I loved reading this headline: “SVB FINANCIAL GROUP OPENS ITS DOORS IN ISRAEL”. I first heard about Silicon Valley Bank’s intention to open an Israeli branch from Michael Moretti back in 2006. We met at the Israel/US Venture Summit and talked about all the great activity and innovation coming out of Israel. What was then an idea, is now a reality.
Following the bank’s operations in China, India and the United Kingdom, SVB Financial Group (Nasdaq: SIVB), the parent company of SVB Silicon Valley Bank and financial partner to more than half of all venture capital-backed technology companies in the United States, announced the opening of its fourth international subsidiary yesterday. SVB Silicon Valley Bank now provides Israeli-based high growth technology companies and private equity firms access to customized financial services through SVB Israel Advisors Ltd.
SVB’s operation in Israel enables the company to more readily offer its services to local technology firms and their investors. SVB Israel Advisors, like its parent company, gives Israeli-based clients access to financial services, including debt financing, deposits and treasury management and provides its clients with the guidance, introductions and support they need to grow.
Kenneth Wilcox, president and CEO of SVB Financial Group, said:
“SVB is one of the few financial services firms that truly understands what it takes to finance emerging technology companies. With a full-time local staff in Israel, we will greatly increase our ability to help entrepreneurs here succeed.”
The office will be headed by GM Ran Arad, a former principal with Carmel Ventures, who will also be in charge of SVB’s business development in Israel. Arad will focus on building relationships with technology and life science companies and venture capital investors worldwide.
SVB was established in 1983 and has approximately 1100 employees. The bank’s 2007 Net Income was $123.6 million. See SVB’s investment outlook strategy for 2007 here. Good luck Ran and SVB.