Silicon Valley Bank was beloved for bending over backwards for tech clients from providing easy loans to hosting ski trips to Tahoe. Now, its private banking arm, SVB Private, which was acquired after the bank’s collapse in March, has introduced a new perk: promoting client products for the holiday season, often at a discount.
The most extravagant item featured is a $12,900 ring with onyx and diamond panels that flip; you can get 10% off with the code “SVB.”
But despite SVB Private’s elite clientele, the holiday gift guide isn’t intended to make headlines for boasting extravagant items like the Neiman Marcus luxury wish list. Instead, the list highlights SVB clients, which is organized by vendor rather than category and includes quotes from each founder. The most prominent client is wearable-tech darling Oura Ring, which is offering a $30 discount. Half of the 21 client-owned businesses featured are wineries.
Eric Flanagan, a hedge-fund manager turned winemaker, told Insider that the gift guide was a good omen for SVB’s new ownership.
“Post-acquisition, they can continue to do the things that differentiated themselves and made them unique and client-focused,” said the owner of Flanagan Wines, a guide participant. “They’re allowed to continue to be who they were.”
The website launched in mid-November and was sent to more than 16,000 newsletter subscribers, including clients and prospective ones. SVB has compiled gift suggestions for private bank employees before, but this is the first time the unit has packaged them in a festive lander and made the discounts available to the public.
Greg Gregory, SVB’s liaison to 400-plus winery clients, predicted the guide would drive at least half a million dollars in sales