According to US network CNN sources, US federal banking regulators would open a secret offer to buy First Republic Bank, ending at 4:00 pm this Sunday.
Federal Deposit Guarantee Corporation (FIDC), an independent agency that guarantees private deposits in banks, will be the body responsible for auctionAmerican TV reports.
Actions First Republic they went from $122.50 on March 1 to barely $3 last Friday, and the FIDC intervention was already being taken for granted.
Newspaper Wall Street Magazine It is reported that JPMorgan Chase and PNC Financial will be among the banks that will claim the First Republic.
First Republic Bank, based in San Francisco, was one of the institutions pointed to during the crisis caused by the crash. Silicon Valley Bank (SVB) and SignatureBank.
Shortly after the collapse of SVB and Signature in March, the largest US banks agreed to loan $30 billion for the First Republic at the request of Treasury Secretary Janet Yellen.
The company started its activity in 1985 with one office in San Francisco and is known for hosting wealthy patrons from the coastal states. It currently has 82 branches, as listed on its website, most of them in affluent areas.
Europe Press
Source: Aristegui Noticias
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
