Updated Statement on Silicon Valley Bank

Following the failure of Silicon Valley Bank (“SVB”) and the appointment of the Federal Deposit Insurance Corporation (the "FDIC") as the Receiver, the Cayman Islands Monetary Authority (the "Authority”) continued to engage with the FDIC and other stakeholders regarding the receivership process and impact on SVB’s Cayman Islands branch.

As of today, 31 March 2023, the Authority understands that the FDIC will soon issue notices to SVB Cayman Islands branch customers regarding the next steps of the process.

Toll-free numbers for SVB's Call Center are as follows:

• 1-800-774-7390 or 1-800-215-6677 (in USA)
• 1-408-654-5555 (outside USA)

Please note that their hours of operation are 24 hours a day, 7 days a week.

The Authority will continue to engage with the FDIC and all relevant stakeholders to monitor the progress of the receivership process and take appropriate actions where necessary.