Hong Kong SFC: Silicon Valley Bank Was Not A Major Shareholder in Any Licensed Corporation in Hong Kong
[ChainDD report] March 13 (ChainDD) The Hong Kong Securities and Futures Commission (SFC) said that Silicon Valley Bank (SVB) was not a major shareholder in any licensed corporation in Hong Kong, nor was it an issuer of any SFC approved funds and retail structured products.
Meanwhile, a spokesman from the Hong Kong Monetary Authority said the authority has been closely monitoring the SVB situation, "the exposure of Hong Kong banks to SVB is minimal and poses no risk to the stability of the Hong Kong banking system."
This spokesman reiterated that Silicon Valley Bank did not carry on banking operations in Hong Kong and only maintained a local representative office. It was not an authorized institution and therefore cannot carry on banking operations or accept deposits in Hong Kong.