SHANGHAI Pudong Development Bank said it has agreed to set up a joint venture with Silicon Valley Bank in China to serve small and medium technology enterprises.

Silicon Valley Bank will pay no more than 500 million yuan (US$76 million) for a stake no more than 50 percent in the new venture.

Silicon Valley Bank is the banking unit of the California-based SVB Financial Group. The new venture is still subject to regulatory approval in China and the United States.