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💎 Reveal Undervalued Stocks Hiding in Any Market Get Started
U.K. tech, life sciences firms outline exposure to failed SVB
© Reuters
By Scott Kanowsky
Investing.com -- A host of U.K. tech and life sciences companies released statements regarding the collapse of Silicon Valley Bank (NASDAQ:SIVB) on Monday, as the British arm of the stricken financial services firm was rescued by HSBC (LON:HSBA).
SVB, with $212 billion in assets, was the second-biggest lender to fail in U.S. history.
In response to the turmoil surrounding the bank, a slew of firms in Britain raced to reassure skittish investors.
Biotech group Avacta Group PLC (LON:AVCT), online greeting card seller Moonpig Group PLC (LON:MOONM), and brand-to-consumer platform THG Holdings PLC (LON:THG) all said they had no banking relationship with either SVB or SVB's U.K. business.
Meanwhile, Naked Wines PLC (LON:WINEW), the digital wine retailer, noted that it held cash in various accounts in the U.S. and U.K. with SVB, adding that the lender was the issuer of its $60M asset-backed credit facility. However, Chief Executive Nick Devlin said day-to-day operations are "unaffected" and the company does not expect to incur any loss as a result of the fall of SVB.
Medical imaging group Polarean Imaging Plc (LON:POLX) flagged that it held $12.4M through SVB, but said that it had "sufficient cash" outside of the bank to meet its immediate liquidity needs. Intellectual property translation service RWS Holdings PLC (LON:RWS) also said it had "limited" exposure to SVB and reiterated its full-year financial targets.
Elsewhere on Monday, HSBC agreed with the Bank of England to buy the U.K. operations of SVB. In a joint statement with the Treasury, the Bank said it could confirm that "all depositors’ money with SVBUK is safe and secure as a result of this transaction" and that "all services will continue to operate as normal and customers should not notice any changes."
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