US regulators have asked several financial institutions to bid to acquire First Republic Bank’s assets. The bank has been in trouble since mid-March.
The AFP news agency cited a source familiar with the case in its report. Between four and six of the financial institutions would have to comply with the request, it said.
First Republic has been under a lot of pressure since two banks with a similar profile filed for bankruptcy shortly after each other in early March.
However, the bank could not agree on a satisfactory rescue plan. When it confirmed Monday night that many customers had taken deposits totaling more than $100 billion in the first quarter, the already battered stock began to tumble. (aeg/sda/afp)
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
