12° Nicosia,
03 October, 2023

Four Cypriot companies exposed to SVB and Signature Bank fallout

CySEC President, George Theocharides, reassured the public that only the companies' resources were deposited and not their customers'

Source: CNA

Four companies licensed by the Cyprus Securities and Exchange Commission (CySEC) had deposited at Silicon Valley Bank and Signature Bank, the two US banks that failed, causing turmoil in the global economy.

During a press conference, President of CySEC George Theocharides was reassuring, saying that the deposits were of the companies' own resources and not their customers' money, noting that US authorities have said all depositors at the two banks will be protected.

The Securities and Exchange Commission’s Vice-President, George Karatzias said that CySEC requested information from the supervised companies when the issue with the two banks arose.

"There are four companies with deposits, the vast majority of which had been withdrawn after rumors that there was a problem with the specific banks. When (the problem) arose, there was a small number of deposits for each company from their own money, not from their customers' money," he said.

Cyprus  |  USA  |  banks  |  economy

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