Aust companies gaining access to SVB funds

March 15, 2023 01:40 PM AEDT | By AAPNEWS

Google News:

Aust companies gaining access to SVB funds — Image source: ©2023 Kalkine Media®

Recent News

ASX 200 Eyes Record Highs as Nasdaq and S&P 500 Rally Overnight

ASX 200 Edges Up as BHP, PLS and RIO Rally Amid Commodity Bounce

ASX 200 Spotlight: CBA, FMG, CSL, QAN Among Most Searched Stocks

ASX 200 Opens Higher as Argosy and Resource Stocks Rally

Several ASX-listed corporations say they've been able to access their funds at Silicon Valley Bank after an uncomfortable few days following the US bank's collapse over the weekend.

Enero Group said on Wednesday it had "successfully secured" the US$7.82 million the creative agency had on deposit with SVB, with the funds now held "at a major US financial institution".

Life360 said on Wednesday it was able to gained access to its funds in SVB accounts on Monday, US time, and was transacting normally.

The San Francisco area-based software company had $US6.1 million in cash with SVB. The bank was also the custodian of $US75.4m of Life360's funds in money market mutual funds managed by other companies such as Morgan Stanley. Those funds weren't at risk, but over the weekend it wasn't immediately clear how quickly Life360 would have access to them.

Meanwhile SiteMinder said that SVB had confirmed it would honour its $US20 million undrawn revolving credit facility, put in place for contingency purposes. The hotel commerce platform is working with other banks to further broaden its banking arrangements.

The US Securities and Exchange Commission and the Justice Department have both opened investigations into SVB"s collapse, the second-biggest bank failure in US history.

The US Treasury, the Federal Reserve and the Federal Deposit Insurance Corporation announced on Monday morning, Australia time, that all of SVB's customers would have access to their funds, even those with deposits exceeding the $US250,000 federal insurance threshold.

"We are open for business and are hard at work bringing all systems and solutions back online to support you," Tim Mayopoulos, the newly appointed CEO of what is now known as Silicon Valley Bridge Bank, said in an update on the bank's website on Tuesday.

"We are making new loans and fully honouring existing credit facilities."

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (“Kalkine Media, we or us”), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary.
The content published on Kalkine Media also includes feeds sourced from third-party providers. Kalkine does not assert any ownership rights over the content provided by these third-party sources. The inclusion of such feeds on the Website is for informational purposes only. Kalkine does not guarantee the accuracy, completeness, or reliability of the content obtained from third-party feeds. Furthermore, Kalkine Media shall not be held liable for any errors, omissions, or inaccuracies in the content obtained from third-party feeds, nor for any damages or losses arising from the use of such content.
Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyrighted to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have made reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
This disclaimer is subject to change without notice. Users are advised to review this disclaimer periodically for any updates or modifications.