SVB Financial Group (SIVBE), the parent company of Silicon Valley Bank, officially opened its third international subsidiary yesterday in Shanghai.

In China, SVB Business Partners (Shanghai) says it will help develop the entrepreneurial environment locally and encourage Chinese entrepreneurs through connections to investors and business partners as well as through training and networking sessions.

The Shanghai team will actively participate in the local technology industry, bringing the full scope of Silicon Valley Bank's knowledge and networks to the Chinese technology market.

In support of Silicon Valley Banks U.S.-based clients, SVB Business Partners (Shanghai) will serve as a hub for companies expanding business activities or adding a physical presence in China.

SVB Business Partners (Shanghai) Co., Ltd. primarily targets high-growth technology companies and venture capital investors with business and consulting services designed for firms conducting cross-border business.

SVB Business Partners (Shanghai) is a part of the SVB Global division, which comprises offices in Bangalore, London and Shanghai and provides clients with access to its network of relationships with venture capital investors worldwide.

"SVB Global is a critical component of the success of high-growth technology companies, so it is only fitting that we would move permanently into China ¡ª a growing technology and venture capital hub," said Ken Wilcox, president and CEO of SVB Financial Group and Silicon Valley Bank. "As a financial services company in the technology industry, if we were not global, we would be irrelevant. Having a presence in China will only improve our ability to meet the needs of our enterprising clients and venture capital partners in another technology-rich market."

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