Silicon Valley Bank's China venture says operations 'sound'

Silicon Valley Bank's China venture says operations 'sound'

FILE PHOTO: A man puts a sign on the door of the Silicon Valley Bank as an onlooker watches at the bank’s headquarters in Santa Clara, California, U.S. March 10, 2023. REUTERS/Nathan Frandino/File Photo

The Chinese joint venture of defunct lender SVB Financial Group assured the public its operations were “sound” Saturday, saying its balance sheet is independent from its American partner.

SPD Silicon Valley Bank (SSVB) is a 50-50 joint venture between Chinese state-owned Shanghai Pudong Development Bank and SVB Financial, which was shut down by the U.S. financial regulator on Friday after a rapid deposit outflow and the collapse of a fresh funding plan.

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