Chinese startups look at local lenders, other US banks as alternatives to SVB

Chinese startups look at local lenders, other US banks as alternatives to SVB

The main entrance of Silicon Valley Bank is pictured in Menlo Park, California, U.S. March 10, 2023. REUTERS/Michaela Vatcheva

Stunned by the sudden collapse of Silicon Valley Bank, the main go-to foreign bank for the majority of Chinese startups, entrepreneurs and venture funds are scrambling for alternatives despite US regulators averting a banking crisis by guaranteeing all deposits of the troubled bank.