In the aftermath of the collapse of Silicon Valley Bank, here’s what authorities, technology companies and major investors are doing around the world
SVB’s unit is set to be declared insolvent, has already ceased trading and is no longer taking new customers. On Saturday, the leaders of roughly 180 tech companies sent a letter calling on UK Chancellor Jeremy Hunt to intervene.
The UK government “will bring forward very soon plans to make sure people are able to meet their cash flow requirements, pay their staff,” Hunt told Sky News on Sunday. He had pledged to ensure the short-term operational needs of SVB UK customers, and said that longer-term support is also planned. The UK Treasury has begun canvassing startups, asking how much they have on deposit, their approximate cash burn and their access to banking facilities at SVB and beyond, according to people familiar with the matter.Article contentSVB’s joint venture in China, SPD Silicon Valley Bank Co., sought to calm local clients by reminding them that operations have been independent and stable.
A Sequoia Capital China representative said the company couldn’t immediately comment, while ZhenFund didn’t respond to a request for comment during non-business hours. Temasek said it doesn’t have any direct exposure to SVB. Yunfeng said it notified teams to do a quick internal inquiry into potential exposure to SVB and warned portfolio companies to take action to avoid risk. Yunfeng itself doesn’t have deposits with SVB.
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