CIBC among banks in talks to hire several employees from SVB’s unit in Canada to join technology and innovation banking groups
New York-based Ben Shephard is joining CIBC’s innovation banking practice – the largest such business in Canada, providing specialized financing products to early stage technology companies – as executive director, while San Francisco-based Sean Thompson becomes a managing director and market lead at the Canadian bank’s Menlo Park office.
At least two other large Canadian banks are in active, advanced talks to hire several employees from SVB’s unit in this country to join their technology and innovation banking groups this summer, according to two sources familiar with matters. The Globe and Mail is not identifying the sources as they are not authorized to publicly discuss the matter.
Five of Canada’s Big Six banks have groups that specialize in offering lending products to technology companies, which typically don’t generate profits or have hard assets that traditional lenders would look to secure as collateral on loans. Toronto-Dominion Bank is the only Canadian bank without such a practice in the country.with the departure of former head Mark McQueen, five years after selling his technology sector financing company, Wellington Financial, to the bank.
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