Silicon Valley Bank’s Chinese partner buys out stake in JV

— Bloomberg

BEIJING: Silicon Valley Bank’s Chinese joint venture will become a wholly owned unit of Shanghai Pudong Development Bank, following approval to change its name to Shanghai Innovation Bank, a Chinese financial regulator says.

Silicon Valley Bank’s (SVB) collapse last year was one of the largest in US banking history and left its joint venture (JV) with Shanghai Pudong Development Bank (SPD) – SPD Silicon Valley – in the lurch after no buyers emerged to acquire SVB’s stake.