Tech investor reaches out to Frankfurt in wake of Brexit
Silicon Valley Bank, one of the most high-profile investors in the UK's tech scene, is embarking on a major recruitment drive in Frankfurt as London's Square Mile faces an exodus of banking firms in the wake of Brexit.
The commercial bank has already made two notable hires from the German banking industry as it waits for local regulator Bafin to approve its licence application.
The US-headquartered bank has brought in former Deutsche Bank managing director Katrin Stark, as well as Christian Hoppe, a founder and former director of Commerzbank subsidiary Main Incubator, as managing directors.
It is now advertising Frankfurt-based positions for a sales director, relationship management VP and an associate position for commercial and corporate banking.
Filings with the US Securities and Exchange Commission (SEC) from August show that its application for a banking licence in Germany was still in progress, but it is understood that, pending regulatory approval, its local operations could open in 2018.
Silicon Valley Bank declined to comment. It provides loans and seed funding to British tech start-ups and fintech firms.
The lender first entered the European market in 2012 with a full service branch in London, where it now has 160 staff, and has since set up an office in Dublin, but only has one employee on the ground focused on business development.