Tech in­vestor reaches out to Frankfurt in wake of Brexit

Belfast Telegraph - Business Telegraph - - Technology - BY KALYEENA MAKORTOFF

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.

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