March 13 (Reuters) – Startup-focused lender SVB
Financial Group became the largest bank to fail since
the 2008 financial crisis last week, sending shockwaves across
global markets as billions of dollars belonging to companies and
investors were left stranded.
The collapse raised concerns that the end of decades-long
era of cheap money would reveal cracks in the global financial
system as climbing interest rates expose vulnerabilities in the
economy.
HSBC said on Monday it is acquiring the UK
subsidiary of SVB for 1 pound, rescuing a key lender for
technology start-ups in Britain.
Below is a list of companies across the globe that have
revealed their exposure to SVB:
EUROPE
Around 16 tech and life sciences companies in Europe have
disclosed about $190 million in exposure to SVB in the UK and
the United States.
TRUSTPILOT GROUP PLC
The Danish firm, which runs a global review platform, says
SVB UK was its principal banking partner, with $36 million held
in the bank and $18 million is currently in transfer out of SVB
UK but pending confirmation
DIACEUTICS
The technology and solutions provider to the pharma industry
warns of material uncertainty over its ability to service its
working capital in the short term. It had most of its 22.2
million pounds in cash in SVB accounts and tried to move its
cash before SVB’s closure but the transaction is pending
DIANOMI
The digital advertising services provider says about 3.8
million pounds was held across a variety of different currency
accounts with SVB and SVBUK, and it is actively working to
recover these deposits
GLANTUS HOLDINGS
Ireland-based SaaS provider says it uses SVB for its U.S.
operations and its maximum exposure is expected to only slightly
exceed $250,000, which is insured by FDIC
ZEALAND PHARMA
The Danish drug developer has deposits totalling 162.6
million Danish crowns ($23.4 million) at SVB, which was about
15% of the group’s liquid funds
PHARMING GROUP NV
The biopharmaceutical company says it has $26 million of
deposits at SVB U.S., and expects to not bear any losses on
these deposits
KINNEVIK AB
The Sweden-based investment firm says its pro rata share of
SVB deposits amounts to less than $20 million
RWS HOLDINGS PLC
The intellectual property services provider says a small
cash position held within SVB in U.S. is expected to be fully
protected under Federal Deposit Insurance Corporation Scheme. It
adds that SVB UK holds a portion of its forward currency
contracts
ACCESS INTELLIGENCE PLC
The tech firm confirms it has minimal exposure on its
deposits with less than 0.4 million pounds held across a number
of SVB accounts in both UK and U.S.
AUCTION TECHNOLOGY GROUP
The UK-based technology company says it had a senior
facilities arrangement with a syndicate of six banks of which
SVB represents one sixth of the respective drawn and undrawn
amounts on the facilities
NAKED WINES PLC
The online wine retailer says its contractual assessment to
date shows it having less than 0.6 million pounds of cash to be
at risk prior to the U.S. Treasury announcement and potentially
uninsured due to the closure of SVB. Co adds that 14 million
pounds is held in a cash sweep account under which SVB acts
as custodian for third party money market funds
PCI-PAL
The UK-based SaaS provider says it had about 3.2 million
pounds of cash in accounts with SVB, its principal bank, split
between the U.S. and the UK as of March 9
YOURGENE HEALTH PLC
The molecular diagnostics company says it has a term loan
facility with SVB UK and believes its SVB deposits are protected
by relevant insurance schemes in UK and the U.S.
WINDWARD LTD
The British technology company says total exposure above the
amounts protected by the Federal Deposit Insurance Corp Scheme
and the Financial Services Compensation Scheme is less than 0.5%
of the company’s cash position of $22.2 million
CHECKIT PLC
The application software provider says its exposure to SVB
was less than 0.1 million pounds
TECHNOPROBE SPA
The Italian semiconductor and microelectronics firm says its
exposure to SVB represents 2.5% of its cash and cash equivalent.
A broker estimates this at about 10 million euros ($10.71
million)
WISE PLC
The payments firm
says
it faced “minimal exposure” to SVB via a credit facility
they are part of together with six other major banks, and a
small cash balance in an operational corporate account
THG PLC
The British ecommerce firm says it does not have any
exposure
to SVB, either in relation to cash deposits or debt
facilities
MOONPIG GROUP PLC
The greeting cards retailer
says
it has no cash on deposit with SVB UK and does not hold a
bank account with them. Moonpig adds that SVB UK is one of ten
lenders that provide senior debt facilities to the group as part
of a strong banking syndicate
ASIA-PACIFIC
NITRO SOFTWARE
Australia’s productivity software maker Nitro Software Ltd
said it had about $12.18 million of its global cash
reserves held on deposit at SVB. Nitro, which is in process of
being acquired by private equity firm Potentia Capital, said the
development does not impact the takeover offer
SEZZLE INC
Australian buy-now-pay-later firm Sezzle Inc said
it had about $1.2 million of its total cash and cash equivalents
held at SVB, adding that funds on deposit with SVB are not
material to its ongoing business or operations
XERO LTD
Australian accounting software maker Xero Ltd said
it did not have a material exposure to SVB, with total exposure
at $5 million as at March 10
LIFE360 INC
Australian location-based services provider Life360 Inc
said it estimated its exposure to be up to $5.6
million, with no significant disruption to operations
KUWAIT FINANCE HOUSE
The bank says it has $1.2 million exposure to SVB but has no
material financial impact from the fallout
ACCESS CO LTD
The Tokyo-based software company sees limited impact to its
business operation from SVB failure
($1 = 0.9338 euros)
(Compiled by Aby Jose Koilparambil, Shreyaa Narayanan, Yadarisa
Shabong and Sameer Manekar in Bengaluru; editing by Eileen
Soreng)
