US-based Silicon Valley Bank (SVB) is reportedly hiring nearly 80 bankers in the UK even as other banks are laying off employees in the wake of the Covid-19 pandemic.

The bank is already in the process of hiring, Reuters reported.

Through the latest move, SVB intends to convert its London-based branch into a full subsidiary.

The bank has already raised its headcount by 30 employees in the first half of 2020, the report added.

By the end of the year, SVB aims to increase its headcount in Britain to 330 – from 250 at the beginning of this year.

The lender said it will also hire a chairman as well as three directors to oversee the business.

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Meanwhile, the California-based bank is seeking technology investment opportunities for private equity firms with ready cash.

Silicon Valley Bank UK branch president Erin Platts said: “We are starting to see pockets of activity already, the influx of US capital into UK tech had slowed since March but the phones are now ringing again and investors see it as a time to potentially start being opportunistic.

“A historic level of fundraising by private equity means there is a lot of capital on the sidelines, much of it time-bound, and they need to invest.”

SVB helps startups raise money from venture funds when they need it.

The bank aims to capitalize on the Covid-19-related investment backlogs that piled up across Europe in March 2020.