SVB China Venture Says Operations Have Been Stable, Independent

(Bloomberg) — Silicon Valley Bank’s joint venture in China said its operations have been independent and stable, seeking to calm local clients amid its U.S. parent’s collapse.

SPD Silicon Valley Bank Co. Ltd. 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 Saturday. Founded in August 2012 as the first tech-focused bank in China, it has committed to serve China’s science and innovation enterprises, the venture said.