Commenting on the bankruptcy of the US Silicon Valley Bank (SVB), Israeli Prime Minister Benjamin Netanyahu said, “I am closely following the collapse of the US investment bank SVB, which is causing a deep crisis in the high-tech world.”
In a statement on social media, he said, “From Rome, I held talks with Israeli high-tech officials, and upon my return, I will discuss with the Ministers of Finance and Economy and the Governor of the Bank of Israel about the scope of the crisis.”
Netanyahu stressed, “If necessary, and out of a sense of responsibility towards Israeli hi-tech companies and employees, we will take steps that will help Israeli companies overcome the liquidity crisis they are facing due to the unrest. Israel’s economy is strong and stable, and this is again reflected in this report.” Crisis too.
The American Bank provides banking services to hundreds of Israeli technology companies, and on Thursday it lost billions of dollars, and its shares witnessed a collapse of 60% of their value during trading, before closing on additional losses amounting to 20%, which prompted the American authorities to announce yesterday Friday its closure. to the US Federal Deposit Insurance Corporation (FDIC).
According to Israeli Channel 12, during the forty years of its existence, Silicon Valley Bank has become a provider of banking services to high-tech companies, from the startup stage to the IPO, while providing countless financial services, starting from current accounts, through foreign currencies. deposits, trading accounts, loans, bank credit to personal banking and, despite its “sad end”, made a significant contribution to financing the high-risk industry that many bankers had previously refused to finance.