Jumat, 28 April 2023

Regulators race to save First Republic Bank after share price collapse - latest updates - The Telegraph

US officials are understood to be coordinating urgent talks to rescue First Republic Bank after efforts by private sector banks failed to reach a deal so far.

The Federal Deposit Insurance Corporation (FDIC), the Treasury Department and the Federal Reserve are among the government bodies that have started to orchestrate meetings in recent days about pulling together a lifeline for the regional lender, according to Reuters.

The government's involvement is reportedly helping bring more parties, including banks and private equity firms, to the negotiating table.

It is unclear whether the US government is considering participating in a private-sector rescue of First Republic. 

The bank's shares have lost 95pc of their value since it found itself at the heart of the regional banking crisis in March following the collapse of Silicon Valley Bank and Signature Bank.

Wall Street banks have been trying to find a solution for First Republic since 11 of the biggest US lenders deposited $30bn (£24bn) at the bank on March 16 to fend off a regional banking crisis.

First Republic said in a statement: "We are engaged in discussions with multiple parties about our strategic options while continuing to serve our clients."

Read the latest updates below.

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2023-04-28 06:28:19Z
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