EU Commission monitoring SVB collapse, says very limited presence in EU

The European Commission is monitoring the situation after the collapse of tech lender Silicon Valley Bank which has a very limited presence in the European Union, a spokesperson for the EU executive said on Monday.

"We take note of the swift and decisive reaction by U.S. authorities. At EU level, there is a very limited presence of Silicon Valley Bank in the EU and we are in touch with the relevant competent authorities," the Commission spokesperson said.