The company appoints Erin Platts as CEO of Silicon Valley Bank UK and appoints a new board
LONDON, September 21, 2022 /PRNewswire/ — SVB Financial Group (SVB) (Nasdaq: SIVB), the financial partner of the innovation economy and parent company of Silicon Valley Bank, announced today that its UK branch has become a wholly owned subsidiary of Silicon Valley Bank due to significant growth the company. Silicon Valley Bank UK Limited is managed by the CEO Erin Platts, formerly Head of EMEA and President of SVB’s UK office. As a wholly owned subsidiary, Silicon Valley Bank UK has appointed a UK board to oversee the business.
Gregory BeckerCEO of SVB Financial Group said: “At SVB we have seen significant growth in the innovation economy in the UK over the past decade. Accordingly, SVB has also experienced outstanding growth in the UK which, due to our size, has led to the transition to a subsidiary. Under Erin’s leadership and vision, we look forward to seeing Silicon Valley Bank UK continue to grow in the UK Europe and bring the full power of the SVB platform to our innovative customers.”
Since entering the UK market in 2004, Silicon Valley Bank has played a prominent role in the growth of the country’s innovation economy, serving as a key financial partner for fast-growing, innovative companies and investors across the UK Europe, including Snyk, Wise and Atomico. SVB has experienced strong growth over the past five years employing 650 people across five countries in the UK and EMEA inclusive Germany and Denmark, where offices opened in 2018 and 2019 respectively. Subsidiarization of the UK office is a culmination of this growth and reflects Silicon Valley Bank’s success and commitment to its UK and EMEA-based clients.
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 in the UK and EMEA region and will continue to work as an active advocate for diversity, equity and inclusion in the innovation and finance sectors.
The Board of Directors of Silicon Valley Bank UK will be composed of and chaired by seven members Darren Pope, who brings more than 30 years of banking experience to the role. He previously served as CFO at TSB Bank Plc, having played a leading role in the formation and sale of the TSB business from Lloyds Bank plc and its subsequent IPO and acquisition.
Pope will join Vin Murria (OBE), Astrid Grayand Helen Heslop, four of whom will serve as independent non-executive directors. Overall, the Board of Directors of Silicon Valley Bank UK brings a wealth of experience in credit risk, banking and entrepreneurship and will advise on Silicon Valley Bank UK’s future strategic growth plans, international expansion and corporate governance. CEO of Silicon Valley Bank UK Erin PlattsChief Financial Officer of the EMEA region Gavin Hewitt and EMEA Chief Operating Officer Patrick Flynn become executive directors of the board.
Erin PlattsCEO of Silicon Valley Bank UK Limited said: “As we have expanded our role in the UK as the bank of choice for innovators and investors, we have reached an inflection point and important milestone in our growth; however, the focus of our business remains the same: providing comprehensive financial platforms to our clients and the growing innovation economy across EMEA. Silicon Valley Bank UK will continue to support our clients in increasing their likelihood of success and work to be the most sought-after partner, helping innovators, businesses and investors achieve exceptional results.”
Added flat: “Our board of world-class technology and banking leaders bring significant experience, insight and diverse perspectives to Silicon Valley Bank UK and SVB as a whole. We believe their guidance will help us achieve our goals, deliver unmatched value to our customers and remain the partner of choice for the global innovation economy.”
SVB is the financial partner of the innovation economy, helping individuals, investors and the world’s most innovative companies to achieve their ambitious goals. SVB’s businesses – Silicon Valley Bank, SVB Capital, SVB Private and SVB Securities – together provide the services dynamic and fast-growing clients need as they grow, including commercial banking, venture investing, wealth planning and investment banking. SVB is headquartered in Santa Clara, California and operates in innovation hubs around the world. Learn more at svb.com.
© 2022 SVB Finance Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the Chevron Symbol are trademarks of SVB Financial Group used under license. Silicon Valley Bank UK Limited is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK (company number 12546585). Silicon Valley Bank UK Limited is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (firm reference number 543146). Silicon Valley Bank UK Limited is a subsidiary of Silicon Valley Bank, a Delaware Capital company and subsidiary of SVB Financial Group. SVB Financial Group and its subsidiary Silicon Valley Bank are members of the Federal Reserve System and Silicon Valley Bank is a member of the FDIC. [SIVB-C]
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SOURCE SVB Financial Group