Silicon Valley Bank's Chinese partner buys out stake in joint venture

Silicon Valley Bank's Chinese partner buys out stake in joint venture

SVB (Silicon Valley Bank) logo and decreasing stock graph are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration

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 said late on Friday.