Mitsubishi UFJ Financial Group has hired more than 20 people from Silicon Valley Bank as the Japanese firm builds out its technology, media and telecom banking group.
The move includes five senior executives and is part of MUFG’s expansion to support pre-initial public offering growth and middle-market public companies, according to Oksana Poltavets, a spokesperson for MUFG. The bank launched its emerging technology banking business three years ago, she added.
The hires mark the latest example of talent leaving troubled Silicon Valley Bank, which First Citizens BancShares agreed to buy after a run on deposits wiped out SVB in the biggest U.S. bank failure in more than a decade. HSBC Holdings' U.S. arm recently hired more than 40 bankers from SVB to build out a new health care and technology banking practice, according to an HSBC spokesman.
"First Citizens acquired Silicon Valley Bank knowing it had the deepest bench of experts serving the innovation economy and that remains unchanged,” said John Moran, a spokesperson for First Citizens, in an emailed statement.
The latest MUFG hires include Bob Blee, who has joined as a managing director and head of growth and middle-market technology banking for the Americas. He will report to Bill Davidson, global head of technology, media, and telecommunications banking, and be based in the San Francisco area. Blee previously led SVB’s technology corporate banking division.