Silicon Valley Bank JV to open Shenzhen branch

SPD Silicon Valley Bank plans to open a branch in Shenzhen in the summer of 2018, another big step in its robust expansion in China.

The Shanghai-headquartered bank opened its Beijing branch in February and signed a memorandum with the Shenzhen government on Thursday on the establishment of a branch in the city, a technology and innovation hub.

SSVB will invest 100 million yuan ($14.52 million) as the startup capital for its Shenzhen branch and support its "solid growth" with additional capital, according to Dave Jones, the bank's president.