representative office

It is reported that the bank incident in Silicon Valley continues to ferment. A spokesman of the Hong Kong Monetary Authority said that the HKMA has been closely following the development of SVB. According to the HKMA, the risk exposure of Hong Kong banks to SVB is very small and does not pose a risk to the stability of the Hong Kong banking system. The spokesman of the HKMA reiterated that Silicon ValleyBank did not operate banking business in Hong Kong and only had a local representative office. It is not an authorized institution and therefore cannot operate banking or deposit taking business in Hong Kong. Hong Kong Monetary Authority: Hong Kong banks have little exposure to SVB Analysis based on this information:The recent bank incident involving Silicon Valley Bank (SVB) has been closely monitored by the Hong Kong Monetary Authority (HKMA), as reported by a spokesman of the regulatory body. Despite the controversy surrounding SVB, the HKMA has maintained…