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Posted on Monday, 11 June 2012 03:24PM by

Silicon Valley Bank opens first UK branch

A US-based bank dedicated to supporting firms in the technology sector has opened its first UK branch.

Silicon Valley Bank, which claims to back more than half of all venture capital-backed technology and life science firms in the US, including software giant Cisco, said it was the first US bank to open a commercial branch in the UK for several years.

The bank, which has also recently launched in Israel, India and China, already supports some British firms such as mobile music app firm Shazam and visual effects specialists The Foundry.

The branch in the City of London will provide a full range of financial services, including current and deposit accounts, loans, cash management services and currency exchange.

Phil Cox, head of UK, Israel and India for the bank, said the UK's universities, entrepreneurial and business ownership culture and the Government's support for the sector were the main attractions.

Chancellor George Osborne hailed the arrival of the bank, saying its increased UK presence was proof that the country is fast becoming the technology centre for Europe.