City AM – First Aid kit: Tech care
“Project Yeti”: Inside the scramble to save Silicon Valley Bank UK
City AM says “It’s going down to the wire.”
That was the view of Coadec CEO Dom Hallas at 11pm on Sunday evening after hours of meetings had failed to produce a deal on the future of Silicon Valley Bank – with the tech industry warning it would be an existential threat to thousands of firms across the sector if nothing was in place by Monday morning.
Four hours later, discussions between the Bank of England, Treasury officials and HSBC reached an advanced stage – with the Canary Wharf bank the preferred bidder, despite only registering an interest with the Treasury on Sunday morning.
More than 40 listed firms had lined up announcements revealing the scale of their exposure to the collapsed lender on the London Stock Exchange on Monday morning, with no knowledge yet of whether a safety net would appear.
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