Press "Enter" to skip to content

Silicon Valley Bank Hires UK Chairman and Sees Business Boom Despite Tough Macro Outlook

California-based Silicon Valley Bank ( SIVB.O ) ( SVB ) has hired former TSB bank executive Darren Pope as chairman of its newly formed UK branch as it expands its business advisory business on technology deals despite a darkening economy.

SVB, which advises global companies such as Wise, Snyk, and Atomico, has also hired Vin Murria, Astrid Gray, and Helen Heslop to lead the unit, said Erin Platts, head of SVB’s Europe and UK business.

Go to the forefront of technology. Shares of remittance company Wise (WISEa.L) have fallen about 30% since the end of its biggest-ever tech IPO in London in July 2021 at a valuation of about $11 billion, a sign of the industry’s recent troubles.

Move on Mega deals are left behind in a tougher environment. The IPOs took an even bigger hit, with funds raised this year falling 88% from 2021 to just $1.2 billion, according to Refinitiv.

While public market deals have retreated, Platts says this partly reflects the fact that 2021 has been exceptional for the industry, as activity has also shifted from IPOs to private deals and debt financing.

“It’s not cheap to build a subsidiary and it’s not cheap to invest in a team, but we’re really very good at our ability to grow,” Platts told Businessfinancedaily.

“There is a lot of money raised through venture capital and that money is temporary,” Platts said, meaning it needs to be invested, giving Silicon Valley Bank confidence to grow its UK business despite a tighter macro environment.

The Silicon Valley bank will hire more than 150 people in finance, risk, and executive roles in Europe in 2021, Reuters reported last July, as it aims to connect investors with technology companies across the continent.

Be First to Comment

Leave a Reply

Your email address will not be published.