Banks including Citizens Financial Group, PNC Financial Services Group and JPMorgan Chase are among roughly half a dozen bidders vying for First Republic Bank in an auction process being run by US regulators, according to sources familiar with the matter. Guggenheim Securities is advising the US Federal De
Banks including Citizens Financial Group, PNC Financial Services Group and JPMorgan Chase are among roughly half a dozen bidders vying for First Republic Bank in an auction process being run by US regulators, according to sources familiar with the matter.
The process kicked off this week after First Republic, which got swept up in a banking crisis last month, failed to come up with a deal without government help, three of the sources familiar with the situation said. A deal is likely to be announced on Sunday night before Asian markets open, with the regulator expected to seize the troubled lender at the same time, three of the sources said.A deal for First Republic would come less then two months after Silicon Valley Bank and Signature Bank failed amid a deposit flight from US lenders, forcing the Federal Reserve to step in with emergency measures to calm markets.
When that deal failed to stabilise First Republic, the lender, known best for its rich clientele, tried to find other private-sector solutions.
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