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SVB collapse: list of UK equities exposed

One Aim company has suspended its shares while others will look to cut spending as access to bank balances remains uncertain despite HSBC buyout and government support
March 13, 2023

From a UK perspective, the storm around Silicon Valley Bank looks to have been calmed by HSBC (HSBA) buying the local operation. While there is no 'white knight' buyer in the US, the government has guaranteed all deposits.

The two to keep an eye on are Polarean Imaging (POLX), which has suspended its shares given SVB had $12.4mn (£10.3mn) of its cash, although it is slightly complicated given $9.8mn of this was in money market mutual fund accounts operated by other banks. Government support should mean it gets access to this cash before disaster strikes, however. Trustpilot (TRST), the online reviewing company, said it had transferred $18mn away from SVB UK but the funds had yet to land elsewhere.

Update 14 March: Polarean has now said it is operating as normal: “Following a press release by the US Federal Reserve and the US Federal Deposit Insurance Corporation (FDIC) stating that the FDIC transferred all deposits and substantially all assets of the former Silicon Valley Bank to a newly created, full-service FDIC-operated 'bridge bank' in an action designed to protect all depositors of Silicon Valley Bank, the company has verified its account balances and its ability to access its funds, and confirms it has full access to its previously outlined resources."

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