The swift collapse of Silicon Valley Bank in the United States, the nation's biggest bank failure since the financial crisis, initially caught Britain's regulators off guard. But within hours on Friday evening it was clear the window to rescue SVB's UK arm was tight.
, Bank of London and OakNorth examined the books to see if an emergency deal could be reached, sources told Reuters.
Still, Treasury officials also continued to work on a "Plan B" in case a sale fell through, which could have seen Silicon Valley Bank UK broken up if no single buyer emerged, multiple sources involved with the talks said.British Prime Minister Rishi Sunak battled inconsistent WiFi to remain in contact with Bank of England Governor Andrew Bailey and finance minister Jeremy Hunt during a more than 15 hour flight to San Diego as the talks wore on.
Officials from the Bank of England and Treasury along with board members from SVB UK were then locked in talks.to protect SVB depositors, as well as implementing wider measures to shore up confidence in the banking system.HSBC's CEO Quinn was attracted by the potential to bring on at a stroke some 3,000 high-growth technology and startup clients, a source familiar with his thinking told Reuters.
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