Cornerstone FS PLC (AIM:CSFS) confirmed in a statement that it has no direct exposure or affiliation with Silicon Valley Bank (SVB) or its UK subsidiary.
The foreign exchange and payments company moved to reassure investors it has no ties to the US bank, which entered administration over the weekend following a bank run on deposits enacted by its core client base of US tech start-ups.
SVB was facing billions in unrealised losses as a result of US Treasury bonds it held on its balance sheet.
HSBC this morning confirmed it has agreed to bail out the UK arm of SVB.