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Reuters

Banks including Citizens Financial Group, PNC Financial Services Group and JPMorgan Chase & Co are among roughly half a dozen bidders vying to buy 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 Deposit Insurance Corp (FDIC) on the sale process, two sources familiar with the matter said.
The process kicked off this week after the lender that 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.
First Republic loses over US$100 billion in deposits after SVB collapse
The bidders were asked to give non-binding bids by Friday and are studying the bank’s books over the weekend, one of the sources said.
A deal is likely to be announced on Sunday night before Asian markets open, with the regulator expected to also seize the troubled lender at the same time, three of the sources said.
FDIC, Guggenheim and the banks declined to comment. First Republic did not immediately respond to a request for comment.


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Silicon Valley Bank (SVB)

A security guard stands outside a First Republic Bank branch in San Francisco, California, US on Friday. Photo: Reuters

First Republic loses over US$100 billion in deposits after Silicon Valley Bank collapse

A person walks past a First Republic branch in New York on Monday. Photo: AFP

Asia’s start-ups start to squirm as contagion fears linger, easy money dries up

Silicon Valley Bank failed after depositors lost confidence. But analysts say many Asian lenders are better positioned. Photo: Reuters

A Zomato delivery rider in Mumbai. Shares in the India food delivery company are now trading at 30 per cent below their issue price in 2021. Photo: Bloomberg

Indians watch the stock market index on a display screen at the Mumbai headquarters of India’s benchmark Bombay Stock Exchange. Photo: AP

Deposit flight shows damage from the latest banking crisis is far from done

Protestors hold a boat reading ‘Crisis Suisse’ during a demonstration outside the Credit Suisse Group annual general meeting of shareholders in Zurich on April 4. Credit Suisse faced imminent failure if it was not sold to UBS Group in an emergency rescue last month, according to the Swiss central bank. Photo: Bloomberg

A law enforcement official stands in an entryway as customers queue outside a Silicon Valley Bank branch location in Wellesley, Massachusetts, on March 13. Photo: AP

US banking woes compound China’s need for US Treasury alternatives

People walk past the US Department of the Treasury in Washington on March 30. China has moved to reduce its holdings of US Treasuries in recent months, but good alternatives for Chinese investment are few and far between. Photo: AFP

A selection of milks and seasonal nogs are displayed for sale at a Kroger supermarket in Atlanta, Georgia, last October.  The US Personal Consumption Expenditure (PCE) index, which is the Fed’s preferred inflation gauge, rose less than expected in February on a monthly basis. Photo: AFP

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United States & Canada

Citizens Financial Group, PNC Financial Services Group and JPMorgan Chase & Co are among roughly half a dozen bidders vying to buy First Republic Bank
A deal is likely to be announced on Sunday night before Asian markets open, with the regulator expected to also seize the troubled lender at the same time, sources said


Banks including Citizens Financial Group, PNC Financial Services Group and JPMorgan Chase & Co are among roughly half a dozen bidders vying to buy First Republic Bank, according to sources familiar with the matter.


Banking & finance

JPMorgan Chase