Weekly Digest: HKMA, MAS monitor SVB fallout; NPS takes hit
With the world's attention focused on the biggest US bank failure since 2008, central banks in the region rush to reassure investors that local banking systems remain resilient. Some asset owners like NPS acknowledge they have direct investments in Silicon Valley Bank.
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Ripples from the collapse of Silicon Valley Bank (SVB) has reached Hong Kong’s shores, prompting the local monetary authority to assure depositors that the city’s banking system is sufficiently protected from the second major collapse of a US bank since 2008.
At least 13 Hong Kong-listed technology and biotech firms have deposits totalling $217.23 million at SVB, with amounts ranging from $400,000 to US$175.5 million.
SVB’s Hong Kong office in Jardine Hous…
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