🇮🇱🇺🇸 Israeli banks transferred $1 billion out of SVB just before collapse
Israel's major banks were not caught off guard by the collapse of Silicon Valley Bank and managed to transfer $1 billion out of the bank to accounts in Israel shortly before it was seized by federal authorities, the Times of Israel reported (https://www.timesofisrael.com/tel-aviv-shares-drop-as-svb-failure-triggers-cash-flow-concern-for-israeli-startups/). "Israel’s two largest banks, Bank Leumi and Bank Hapoalim, set up a situation room that has been operating around the clock to help firms transfer their money from SVB – before it was seized – to accounts in Israel," per the publication. The Ha'aretz newspaper also reported that while many companies in the US were unable to withdraw funds before the bank’s failure, "a good many Israeli companies had been able to get their money out in time, but that it was clearly not the case for everyone (https://www.haaretz.com/israel-news/business/economy-finance/2023-03-12/ty-article/.premium/a-black-weekend-for-israeli-high-tech-after-svb-collapse/00000186-d69c-daff-a196-f6bca6ef0000)." "The companies whose deposits are now locked will seek to conceal this, concerned that any rumors might drive away customers, suppliers and employees," Ha'aretz added.