International banking alliance celebrates member Silicon Valley Bank’s new business offering

International banking alliance celebrates member Silicon Valley Bank’s new business offering

International banking network, IBOS Association (IBOS), is delighted to announce that member Silicon Valley Bank (SVB) is expanding its capabilities to accept referrals into the US within the IBOS network, enabling further collaboration between members across the network.

Until now, SVB was a Host Bank and only sent referrals within the network. Now, the bank accepts referrals as an Account Holding Bank. This is a significant step for the bank and the expansion of the IBOS network, which prioritises member banks and their customers in an industry that is constantly evolving.

Since First Citizens Bank’s acquisition of SVB, it is a positive step forward that SVB is now a division of First Citizens Bank under its new business model “Yes, SVB”. This not only accelerates growth, but SVB has also increased capabilities with the diversified platform and backing of First Citizens Bank.

Chris Dyson, IBOS Board member and Sr. Manager, Liquidity Product Management at Silicon Valley Bank commented: “After two decades of membership in IBOS, Silicon Valley Bank is excited to take our membership to the next level. We are excited to be able to offer our industry-leading financial solutions for clients looking to expand to the US market.”

SVB’s extensive innovative solutions within the economy and deeply knowledgeable team are shaping the future to provide clients with the best options across an extensive geographic coverage between IBOS member banks, and therefore providing customers with local knowledge on a global scale.

Manoj Mistry, Managing Director at IBOS, added: “We are delighted that our member Silicon Valley Bank is expanding its offering within the IBOS network. This will increase collaboration between members, developing fruitful cooperation that will have significant advantages for all member banks and their corporate clients wishing to expand within the US market and beyond.”

IBOS allows its members to provide local banking services across the globe to its customers, enabling businesses to operate across several jurisdictions where they themselves are not present. IBOS’ innovative online portal is centred on opening accounts for its members’ new corporate customers, and SVB is proud to expand its referral capabilities within the alliance.

Together with SVB and other member banks, IBOS will continue to prioritise customers and their requirements as the banking industry and economy develop. Throughout the next year, IBOS aims to continue expanding its geographic coverage, providing member bank’s customers local banking services across the globe 24/7.