SHANGHAI: The Chinese joint venture of failed U.S. lender SVB Financial Group said on Saturday it has a sound corporate structure and an independently operated balance sheet.

SPD Silicon Valley Bank (SSVB), SVB’s venture with Shanghai Pudong Development Bank, said in a statement it “always operates in a regulated and sound manner in accordance with Chinese laws and regulations”.

Startup-focussed SVB, which did business as Silicon Valley Bank, collapsed on Friday in the largest bank failure since the 2008 financial crisis, roiling global markets and stranding billions of dollars belonging to companies and investors.

Banking regulators close SVB, move quickly to avert crisis

Shanghai-based SSVB is China’s first technology and innovation bank. It is also the first Sino-US joint venture bank.

SSVB’s mission is to increase innovative companies’ probability of success by providing unique financial products and services, targeting sectors including biotech, green technology, advanced manufacturing and digital transformation, according to its website.