Egypt - Fawry for Banking Technology and Electronic Payments denied its affiliation with the Silicon Valley Bank (SVB) or its subsidiaries, according to a press release filed to the EGX on March 13th.

The firm stressed that it has no current ties with any bank in the US.

This announcement came after the US regulators announced on March 10th the closure of SVB with the Federal Deposit Insurance Corporation (FDIC).

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