A joint venture bank started by Shanghai Pudong Development Bank and the United States' Silicon Valley Bank held a ceremony on Tuesday to mark the official launch of China's first bank dedicated to technology companies.

With a 1 billion yuan ($160 million) investment, each company will hold a 50 percent stake in SPD Silicon Valley Bank -the first joint venture bank since 1997 to win authorization by the country's Banking Regulatory Commission.

The bank will initially provide onshore financial services in US dollars.

China Daily - Agencies