MUFG Hires 20+ ex-SVB employees

Mitsubishi UFJ Financial Group has recruited over 20 employees from Silicon Valley Bank as part of the Japanese firm’s expansion of its technology, media and telecom banking group. The group includes five senior executives and marks MUFG’s latest move in supporting pre-IPO growth and middle-market public companies. Oksana Poltavets, a spokesperson for MUFG, revealed that the bank launched its emerging technology banking business three years ago.

MUFG’s latest hires are part of a trend of talent leaving troubled Silicon Valley Bank, which experienced a run on deposits, resulting in the biggest US bank failure in more than a decade. Recently, HSBC Holdings Plc’s US arm recruited over 40 bankers from SVB to build out a new healthcare and technology banking practice. However, First Citizens BancShares Inc. agreed to buy Silicon Valley Bank, maintaining that it “had the deepest bench of experts serving the innovation economy and that remains unchanged,” according to a spokesperson.

The hires include Bob Blee, who has been appointed as managing director and head of growth and middle-market technology banking for the Americas. He will be based in the Bay Area and will report to Bill Davidson, global head of TMT banking. Blee formerly led SVB’s technology corporate banking division. Other managing director hires, who will report to Blee, include Brian Boatman as head of sales, Brian Fitzpatrick as head of venture capital relationship management and the Northern California Region, and Mike Shuhy as head of credit solutions.

Finally, John Atanasoff is joining as a managing director and dedicated credit partner, reporting to chief credit officer Larry Bressler. Atanasoff formerly held the role of credit risk manager at SVB. Mitsubishi UFJ Financial Group’s expansion of its technology, media and telecom banking group, and the recruitment of talent from Silicon Valley Bank will assist the bank’s support of pre-IPO growth and middle-market public companies.