Israel's tech sector is the country's main growth engine and its relationship with the Silicon Valley region is strong. Many Israeli startups had accounts at SVB although the amounts are unconfirmed.
The bankers fear a wave of withdrawals and the negative effect a unilateral activation of the judicial reforms will have on the economy and on Israel's international standing.
The reason for the declines was the reports at the end of the week about deposit holders withdrawing money from the banks
Surprisingly, the meeting of the shareholders in Bank Mizrahi Tefahot extended Moshe Vidman's term as chair of the bank for another year.
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