SVB applies for FSA authorisation

27 May 2010 at 16:36

SVB applies for FSA authorisation US lender Silicon Valley Bank (SVB) has applied for Financial Services Authority (FSA) authorisation in order to boost its operations in the UK.

The organisation, a big backer of the Twitter social networking phenomenon, confirmed it has handed its official application to the regulator for FSA authorisation, a month after details of the move first emerged.

According to SVB, if its application meets with FSA approval, it plans to open its first branch in London next year, which will focus on dealing with small to medium-sized businesses.

City AM reported: "The bank, which specifically focuses on the technology and life sciences sector, is one of a clutch of firms aiming to break into the UK lending market following a pledge from ministers to open up the sector to more competition."

These other companies are thought to include Walton & Co, set up by Panmure Gordon banking analyst Sandy Chen, and private equity firm Blackstone, both of which will be vying for FSA authorisation. ADNFCR-3006-ID-19804672-ADNFCR

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