Pharming Group announces that it expects to have full access today to its cash on deposit at Silicon Valley Bank Limited in light of UK Government announcement
Pharming Group N.V. is aware that Silicon Valley Bank Limited (“SVB UK”) has today been sold to HSBC UK Bank plc. This transaction has been facilitated by the Bank of England, in consultation with the Treasury, using powers granted by the Banking Act 2009.
The announcement by the UK government states that customer deposits have been protected and that customers of SVB UK will be able to access their deposits and banking services as normal from today.
As a result of these actions, Pharming expects to have access to the US$19 million it has on deposit at SVB UK, and to not bear any losses on these deposits.