![]() Federal Deposit Insurance Corporation had taken "improper actions" to cut it off from cash held at its former subsidiary Silicon Valley Bank, which was seized by regulators to stem a national bank run. SVB Financial Group said on Tuesday the U.S. REUTERS/Dado Ruvic/Illustration/File Photo While a sale of the entire bank remains possible, First Republic is still currently focused on a capital raise, the third source said.ĭestroyed SVB (Silicon Valley Bank) logo is seen in this illustration taken March 13, 2023. A sale of loans to other parties, including private equity firms, is one option under consideration, two of the sources said. Unrealized mark-to-market losses in First Republic's loan book and investment portfolio have been an obstacle to clinching an investment.įirst Republic is examining how it can sell parts of its business, including some of its loan book, in a bid to raise cash and cut costs, one of the sources said. regional bank struggling to remain viable following a flight of deposits, is looking at ways it can downsize if its attempts to raise new capital fail, according to three people familiar with the matter.įirst Republic has been working with JPMorgan Chase & Co to find new sources of capital after a consortium of major banks provided it with a total of $30 billion in deposits last week The deal was done when the selling bank had a gun held to its head and we are no longer in that position," a person close to UBS said, according to the report.UBS and Credit Suisse declined to comment, while Klein could not be immediately reached for comment.įirst Republic Bank, the U.S. UBS has now assigned a legal team to examine how to void the contract Credit Suisse signed with Klein in the cheapest way possible, according to the FT report, which cited people with direct knowledge of the matter. Klein, a veteran dealmaker, was merging his eponymous advisory boutique into Credit Suisse's investment banking operations to create CS First Boston as a standalone business which he would have led from New York. ![]() Rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. ![]() UBS is set to enter talks with Michael Klein to terminate a deal that would have seen the Wall Street dealmaker take control of much of Credit Suisse's investment bank, the Financial Times reported on Tuesday. UBS and Credit Suisse logos seen in Zurich, Switzerland, Mar.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |