Israel's tech sector is the country's main growth engine, and its relationship with the Silicon Valley region is strong.
Banking regulator Yair Avidan said the SVB failure was an unfortunate opportunity to stress what is often taken for granted – ensuring the stability of the“We are closely examining the case, and monitoring both the immediate developments and those that may come in any ‘following waves’ that may take place,” said Avidan, the Bank of Israel’s supervisor of banks.
NextVision, a maker of micro stabilized cameras, said in a regulatory filing in Tel Aviv that it withdrew on Thursday, March 9, almost all of the $2.7 million it held in SVB. The Tel Aviv index of the five largest banks was down 4% in afternoon trading, while the index of eight insurers fell 4.7%. Government bond prices rose as much as 0.8%.
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