Shanghai Pudong Development Bank, which co-founded SPD Silicon Valley Bank Co in 2012 with US lender Silicon Valley Bank, said the venture is not affected by the turmoil surrounding its American parent.
The China joint venture of Silicon Valley Bank (SVB) said its operations have been independent and stable, seeking to calm local clients amid its US parent’s collapse. “SPD Silicon Valley Bank Co has always operated in a stable manner in accordance with Chinese laws and regulations, with a standard governance framework and independent balance sheet,” the joint venture between Shanghai Pudong Development Bank and SVB said on its WeChat account on Saturday.
