Prime Minister Netanyahu Keeping Tabs on SVB Investment Bank Collapse

Israeli Prime Minister Benjamin Netanyahu said he was closely following the collapse of the US investment bank SVB, which caused a deep crisis in the high-tech world.

Netanyahu continued: “I have held talks from Rome with high-tech representatives in Israel, and upon my return I will discuss the depth of the crisis with the ministers of finance and the economy and the governor of the Bank of Israel.”

Netanyahu said: “If necessary, we will take steps to help Israeli high-tech companies overcome the cash flow crisis that has arisen due to financial turmoil, especially since the Israeli economy is strong and stable, and this is again manifested in this crisis.”

He added: “Shares in SVB, which is funding an estimated more than 100 Israeli startups, fell. Shares in the bank fell more than 60 percent on Wall Street on Tuesday after rising US interest rates and weakness in the high-tech industry.”

The global banking sector got off to a bad start on Friday, with shares falling on the stock exchanges as a result of worries caused by the instability of the US SVB Financial Group, which is the partner of choice for many technology companies.

David Benamo, chief investment officer at Axiom Alternative Investments, said in a report by Agence France-Presse that this “limited panic” movement began in response to large withdrawals by clients.

Source: i24