Conversations with eight people involved in the discussions reveal the frantic nature of Silicon Valley Bank UK's final hours, with at least half a dozen banks looking over the lender's numbers.
, emerging as a last-minute white knight after less than 24 hours spent scrutinizing its books.
While at least one bidder submitted a price above the symbolic 1 pound that HSBC offered, according to a source, HSBC was preferred because its size and resources meant it would be a more stable owner. The situation was urgent because SVB UK had lost almost half of its deposits in the 48 hours leading up to its rescue, the source said.
Banks including Lloyds Banking Group, NatWest Group, Bank of London, and OakNorth examined the books to see if an emergency deal could be reached, sources told Reuters.
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