Israel to weigh action after Silicon Valley Bank collapse
Israeli Prime Minister Benjamin Netanyahu says that the government will assess the Silicon Valley Bank’s collapse and determine whether or not to assist Israeli companies
JERUSALEM (AP) — Israeli Prime Minister Benjamin Netanyahu said Sunday that the government would assess the effect of Silicon Valley Bank's collapse on Israeli companies and determine whether or not to assist them.
Israel is home to a vibrant high-tech industry, and local media said Sunday that hundreds of local firms could be exposed to the collapse of Silicon Valley Bank.
Israeli business paper Globes said the bank was considered “the major funding body for Israeli companies” and that its fall was “closing the oxygen pipe” for the sector.
Silicon Valley Bank, the U.S.'s 16th largest bank, served mostly technology workers and venture capital-backed companies. Its collapse is the biggest bank failure since the collapse of Washington Mutual in 2008.
