Chinese start-ups and fund managers said they are still looking to move their money out of SVB once they can. Some of them are turning to bigger U.S. banks, while a few Chinese lenders such as China Merchants Bank and the Industrial & Commercial Bank of China are also rushing to fill the gap.
"China Merchants Bank told us they can set up an offshore account for us within a week," said one start-up founder who gave his surname as Hong, describing how he had been offered a number of proposals by banks, including Zheshang Bank , to solve his issues with SVB.On Sunday evening, U.S. banking regulators moved swiftly to backstop all deposits at SVB, which was shuttered on Friday, putting to rest fears that startups would struggle to pay their employees this week.
The bank's chairman Sam Su said the firm was also asking companies to consider converting their USD holdings into offshore RMB deposits to diversify risks.Some venture funds said they were in a quandary as SVB had certain advantages and was especially friendly to early-stage start ups.
Source: Financial Digest (financialdigest.net)
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