Australian tech firms say they have no material exposure to SVB | – #Australian #tech #firms #material #exposure #SVB
SYDNEY, March 13 (Reuters) – Several Australian and New Zealand technology firms on Monday USA’s startup-focused lender SVB Financial Group ( SIVB.O ) said it had no material impact on Silicon Valley Bank after its failure last week.
Australian Treasurer Jim Chalmers said the government was aware some Australian firms were affected, but added the country’s “institutions are robust (and) bank our sector is well capitalized.”
“We are closely monitoring the situation and the potential implications for Australia,” Chalmers said.
of Australia bank local regulator bank said that it is strengthening control of its industry and receiving additional information from banks regarding any potential impact.
Nitro Software (NTO.AX) has about $12.2 million of its global cash reserves on deposit with SVB, and recent developments have seen private equity firm Potentia Capital invest A$532.3 million (A$353 million USA dollars) said that it did not affect the purchase offer.
Latest UpdatesChargedcategoryVolkswagen to build first North American battery plant in Canada, article with imageBusinesscategoryBP recommends vote against resolution at April 27 climate activists’ general meeting, image article
See 2 more stories
USAbased in Sezzle, said the buy-now-pay-later firm’s relationship with SVB was limited to funds on deposit, while Siteminder ( SDR.AX ) said its exposure 10 cash reserve and undrawn up to A$ million 20 million dollar returns credit said that it consists of funds. .
Australian design technology firm Canva said most of its cash was outside SVB and it had “safety nets” to ensure its operations were not compromised.
Paul Bassat, co-founder of Australian venture capital fund Square Peg, which has stakes in about 60 companies in Australia, the US and Asia, says most Australian startups should be protected from direct exposure.
New Zealand cloud-based accounting software company Xero ( XRO.AX ) does not expect any negative impact.
SVB Financial Group, which focuses on tech startups, failed on Friday in the US 20It was the biggest bank failure since the 08 financial crisis.
State regulators closed New York-based Signature Bank ( SBNY.O ) on Sunday, the second bank failure in two days, as the U.S. Treasury and Federal Reserve unveiled a series of measures to stabilize the banking system.
($1 = 1.5101 Australian dollars)
Reporting by Upasana Singh in Bengaluru and Praveen Menon, Lewis Jackson and Renju Jose in Sydney; Edited by Kim Coghill and Edwina Gibbs
Our standards: Thomson Reuters Trust Principles.
2023-03-13 19:42:09
Source – reuters
Translation“24 HOURS”