Shanghai, Aug 16 (IANS): China's first bank for technological innovation, a result of joint investment by Shanghai Pudong Development Bank (SPDB) and America's Silicon Valley Bank (SVB), opened here Wednesday.
With a one-billion-yuan (about $157 million) investment, and each side holding 50 percent of shares, the SPD Silicon Valley Bank is the first joint venture bank since 1997 to get authorization by the country's Banking Regulatory Commission, reported Xinhua.
Yu Zhengsheng, a member of the Political Bureau of the Communist Party of China (CPC) Central Committee, inaugurated the bank Wednesday.
The facility combines Shanghai's excellent financial resources and overseas financial services, said Tu Guangshao, vice mayor of Shanghai.
The SPD Silicon Valley Bank will mainly focus on business in Shanghai and then explore more high-tech cities in China, said Fu, emphasizing its offering of services for innovative enterprises.
Shanghai Pudong Development Bank, a nationwide joint-stock commercial bank, founded in 1992, now has a registered capital of 18.653 billion yuan.
Silicon Valley Bank, founded in 1983 and headquartered in Santa Clara, California, serves clients around the world through 27 US offices and three international operations.