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U.S. regulators have asked several financial institutions to bid to purchase First Republic Bank’s assets. The bank has been in trouble since mid-March.
AFP news agency referred to a source close to the subject in its report. He said four to six financial institutions should comply with the demand. First Republic has been under intense pressure since two banks of similar profile filed for bankruptcy in rapid succession in early March.
However, the bank failed to agree on a satisfactory recovery plan. His already battered stock began to fall when he confirmed on Monday night that many customers had pulled in deposits totaling more than $100 billion in the first quarter. (cut/SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
