Silicon Valley Bank is the 16th largest bank in United States. It was established in 1983. The bank had its first IPO with Nasdaq in 1988 with its brand identity as SIVB. The bank began its expansion across the United States in 1996 with presence in 15 states.
Silicon Valley Bank opened its first international office in Israel in 2008. In 2011, Greg Becker was appointed as the Chief Executive Officer of the bank. SVB launched its branch in United Kingdom in 2012 and opened up a joint venture bank in China in the same year. It launched its Ireland branch in 2016 whereas the branch went in Germany in 2018.
In 2019, SVB acquired healthcare investment bank Leerink Partners, opened Global Delivery Center in India, and launched its offices in Canada and Denmark. In 2020, it acquired WestRiver Group’s Debt Investment Business as well as celebrated the 10th annual Tech Gives Back week of community service.
In 2021, SVB acquired Boston Private, a leading provider of wealth management, trust and banking services. It also announced $11.2 billion, five-year Community Benefits Plan. Moreover, it also launched Nasdaq Private Market with Nasdaq, Citi, Goldman Sachs and Morgan Stanley. Further, it also launched technology investment banking practice and acquired equity research firm MoffettNathanson in the same year.
In 2022, Silicon Valley Bank announced commitment to provide $5 billion in sustainable finance and set goal to achieve carbon neutral operations by 2025. SVB has been included in the Bloomberg Gender-Equality Index for the last five years and is consistently among the Top Corporate Philanthropists in its headquarters’ region.
Yet, the year 2023 turned the tables. The entire banking operations were stalled in March 2023 as SVB was dying down in a matter of days. On March 8, 2023 SVB revealed they had lost $2 billion selling bonds. It resulted in huge chaos in the market. Resultantly, the market value of SVB dropped by 60% in a single day on 9th March. On March 10, the regulators took over and shut down the bank with $175 billion in customer deposits at risk.