Kinnevik's comment on Silicon Valley Bank
Kinnevik AB (publ) (“Kinnevik”) notes the announcement from US authorities of various measures to strengthen the US banking system, including the protection of all deposits with Silicon Valley Bank (“SVB”). Kinnevik has worked with a limited number of investee companies on contingency plans to manage potential strains on liquidity. The aggregate exposure is deemed to be not material.
Less than half of Kinnevik’s private investee companies have some exposure to SVB. Kinnevik’s pro rata share of SVB deposits amounts to less than USD 20m. A limited number of investee companies are exposed to an extent where Kinnevik made available short-term funding to ensure no material business disruptions. The total amount of this envisaged funding, that now may not be necessary, amounts to USD 6m.
Kinnevik itself has no exposure to SVB, and holds its SEK 14bn cash position in a mix of cash and deposit accounts and money market investments with the largest Nordic banks.