COPENHAGEN (Reuters) – Danish drug developer Zealand Pharma on Monday said it expects to recover all of its deposits held at Silicon Valley Bank (SVB) after the bank collapsed on Friday.
Zealand had cash, cash equivalents and marketable securities totalling 162.6 million Danish crowns ($23.43 million) at SVB, around 15% of the group’s liquid funds, and expects to recover both its insured and uninsured deposits, the company said.
U.S. regulators on Sunday said SVB’s customers will have access to all their deposits starting Monday and set up a new facility to give banks access to emergency funds.
($1 = 6.9413 Danish crowns)
(Reporting by Louise Breusch Rasmussen, editing by Terje Solsvik)
